This is my Analysis of the CADJPY Pair and going short with the primary Time Frame being the 4H.
Bias is to Short due to the following:
Confluence 1 = Currently, in BOTH the 1 Day and 4 Hour Time Frames, Price is considered to be oversold in the RSI and Stoch Indicators.
Confluence 2 = There is an EASILY Identifiable Divergence within the 4 Hour Timeframe characterized by the price creating Higher-highs conjunctive to both the RSI and Stoch Indicators moving the opposite direction creating Lower-Lows.
Confluence 3 = Price is at the next area of previously broken Support.
Confluence 4 = Price is consolidating upwards (at least within the 4H Time Frame) indicating that the market is having trouble moving upwards and the Trend may possibly be losing its current momentum.
Bias is to Short due to the following:
Confluence 1 = Currently, in BOTH the 1 Day and 4 Hour Time Frames, Price is considered to be oversold in the RSI and Stoch Indicators.
Confluence 2 = There is an EASILY Identifiable Divergence within the 4 Hour Timeframe characterized by the price creating Higher-highs conjunctive to both the RSI and Stoch Indicators moving the opposite direction creating Lower-Lows.
Confluence 3 = Price is at the next area of previously broken Support.
Confluence 4 = Price is consolidating upwards (at least within the 4H Time Frame) indicating that the market is having trouble moving upwards and the Trend may possibly be losing its current momentum.
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It worked! Hoss