CADJPY POTENTIAL SHORT
1W Chart:
*The weekly chart last week displayed very strong seller power resulting in a large push to the downside by sellers
*The weekly had bearish engulfing candle with lower low lower close
*Strong seller momentum for one week
1D Chart:
*The daily chart is sitting at recent significant structure
*Based on the weekly timeframe (big boy) it seems that we may see another selloff in this pair
*Watch to see the buyers reaction at this level
*Watch for a weak re-test of structure around handle 85.400 (show seller stronger)
*Look to see how the 1D chart players react on the re-test (if there is one) as well as re-test of structure at the 85.400 handle
4H Chart:
*Watch this chart to get better specifics on momentum of buyers and sellers
*Use this timeframe to see how they react at structure, leading to see if this will be a good short or not!
Remember to always to stay discipline with your trading plan when trading. Always make sure to implement proper risk management with every trade. Have a good risk/reward and never risk more than 2% of trading capital per trade.
Cheers! Lets see what it does !
1W Chart:
*The weekly chart last week displayed very strong seller power resulting in a large push to the downside by sellers
*The weekly had bearish engulfing candle with lower low lower close
*Strong seller momentum for one week
1D Chart:
*The daily chart is sitting at recent significant structure
*Based on the weekly timeframe (big boy) it seems that we may see another selloff in this pair
*Watch to see the buyers reaction at this level
*Watch for a weak re-test of structure around handle 85.400 (show seller stronger)
*Look to see how the 1D chart players react on the re-test (if there is one) as well as re-test of structure at the 85.400 handle
4H Chart:
*Watch this chart to get better specifics on momentum of buyers and sellers
*Use this timeframe to see how they react at structure, leading to see if this will be a good short or not!
Remember to always to stay discipline with your trading plan when trading. Always make sure to implement proper risk management with every trade. Have a good risk/reward and never risk more than 2% of trading capital per trade.
Cheers! Lets see what it does !