CAD JPY SHORT
Price has formed 2 clear cycles and is now coming back to the last fractal low area also after a recent 50-20EMA crossover. On lower timeframes price seems to be slowing down around the areas highlighted in the image.
Scenario 1:
I would like to see the current price reverse and head towards the S3 pivot area, which is also a weekly historical level. Price then will push straight through and head towards the 1.168 fib extension area, which is my target 2 area.
Scenario 2:
Price heads towards target one and, reverses, bounces off of the weekly level and S3 pivot level, then continues down to target 2.
Scenario 3:
Price flies bullish and im completely wrong...
Scenario 1:
I would like to see the current price reverse and head towards the S3 pivot area, which is also a weekly historical level. Price then will push straight through and head towards the 1.168 fib extension area, which is my target 2 area.
Scenario 2:
Price heads towards target one and, reverses, bounces off of the weekly level and S3 pivot level, then continues down to target 2.
Scenario 3:
Price flies bullish and im completely wrong...
Trade active
Note
Moved Stop Loss to 81.490 and was stopped out in profit, around 11%.Note
I have placed another sell stop at 81.150, just past the new lower low formed on the 4HR chart.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.