JPYCAD trade ideas
Bear Flag - SellPrice has formed a symmetrical flag pattern, suggestive of a move to the down side.
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💡 Don't miss the great buy opportunity in CADJPYTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (79.8). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. CADJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 66.
Take Profits:
TP1= @ 80.30
TP2= @ 80.60
TP3= @ 81.00
TP4= @ 81.43
TP5= @ 81.90
SL= Break below 79.4
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CADJPY Top-Down AnalysisHello Traders,
Here is the Top-Down Analysis of CADJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a downward channel. Price faced rejection at resistance level of trend line creating double top and moved down.
W > Price dropped to test weekly support and faced rejection. This support also coincided with 0.786 Fib level on weekly bullish impulse.
D > We saw an over extended M formation and expected price to pull back to test the neck before continuing further to the downside. Price broke through the level to rise beyond 0.618 Fib level on last bearish impulse. Price reversed after facing rejection from daily supply zone. We observed two W formations, one got completed last week and we can set neck of second as our next target.
As per COT CAD saw addition of few Long but major Short positions reducing net positions. CXY was weak during the said period but it improved its position last week. JPY saw closure of Long and addition of major Short positions reducing net positions further however N-R added few Long and closed major Short positions. JXY during the said week ended in a Doji but improved its position last week.
4H > After completing first W formation price pulled up to create double top at resistance level and dropped to face rejection at support, facing rejection and creating a double bottom. Price is now testing demand zone and we expect rejection to the downside.
Pair Correlation > CADJPY has positive correlation with EURJPY, CHFJPY and GBPJPY and negative correlation with USDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Boadening Ascending WedgeThere is an Ascending broadening Wedge formation in 4hour time frame. As, the prices are trading in the Pattern we can make a sell Call and make profit
Possibility for CADJPYWith market sentiment at 79% long and it not being able to break zone, has rejected the zone quite a few times now. Will wait for zone to be rejected again and will short this. Zone lines up nicely to .50 and .618 fib levels. Will see how it plays out, letting the market come to me before making any trade. If I don't see rejections I won't trade it.
CADJPY with symmetrical triangle patternCadjpy pairs has formed down symmetrical triangle pattern, in 4 hr chart, it suggest that this pair may see downtrend upto I st of the new month
REVERSAL PATTERN ( HEAD AND SHOULDER )ANY DOUBT FELL FREE TO DM ME.
PRACTICE FOR AT LEAST 1 HR LOOKING FOR THIS PATTERN ..SEE WHERE IT OCCURS MOST OF THE TIME, IT WILL NOT BE PERFECT .
Bear Flag - SellMarket is forming a bear flag which clearly is telling us that it is going to continue to go short.
Thank you to all those who have sent me private message and been following me.
Hope you have understood how simple it is to trade forex with out any support/resistance lines or lagging indicators.
And started to earn good profits as I have told you on what to do.
Please Note:
Just knowing the direction of the next move will not help being profitable.
There is a lot more to it with regards to the entry technique and successfully managing the trade after entering the trade.
Comment below / DM me in case if you need to know how to do it if interested.
Descending channel - BuyPrice is forming a descending channel pattern and hence market is giving us a clue that it is going LONG soon.
Please Note:
Just knowing the direction of the next move will not help being profitable.
There is a lot more to it with regards to the entry technique and successfully managing the trade after entering the trade.
If you look at my previous trades, 90% are impulsive moves covering about average of 80-100 pips.
So you need to make sure you enter the trade at the right time and manage the trade to get the maximum amount of pips from it.
Comment below in case if you need to know how to do it if interested.
Expanding trianglePrice is likely forming a expanding triangle enter will wait for the 3rd touch to form before entering short.
Would be nice if it also forms a pattern with in a pattern formation.
Please Note:
Just knowing the direction of the next move will not help being profitable.
There is a lot more to it with regards to the entry technique and successfully managing the trade after entering the trade.
If you look at my previous trades, 90% are impulsive moves covering about average of 80-100 pips.
So you need to make sure you enter the trade at the right time and manage the trade to get the maximum amount of pips from it.
Comment below in case if you need to know how to do it if interested.
