Hello everyone. i want share my idea about CADJPY.
We have some interesting forex pair at the chart. JPY was pretty bearish long time but what we see now we have some bullish moves at JPY index after big bearish move. for that i decide to try short most pairs versus JPY.
At the pair with technique analysis we have some trend change moves, price action broke some support which is now resistance, after big fall price only had huge reaction at daily support but it didn't tested twice and with one touch which strong low came up, but price has reaction at Fibonacci 61.80 LVL, at this point it made some liquidity and if we look at lower timeframe we got some strong sellers. If we look at JPY index its look pretty bullish this index broke some resistances and with slow movement testing it where its getting rejection from buyers.
For my trade i have some scenes where i am right and wrong.
Scene 1 - in this scene price getting strong seller, its coming strong downside which brake daily support and test second time daily support at 104.5.
Scene 2 - we don t have enough seller, for that market maker make fake brake out where it will take lot of stop orders and new sellers will drop price stronger.
Scene 3 - price still going upside brake 4h resistance testing it and touch to my stop loss in this scene i am wrong.
Always make your own research and manage your risk!!!
We have some interesting forex pair at the chart. JPY was pretty bearish long time but what we see now we have some bullish moves at JPY index after big bearish move. for that i decide to try short most pairs versus JPY.
At the pair with technique analysis we have some trend change moves, price action broke some support which is now resistance, after big fall price only had huge reaction at daily support but it didn't tested twice and with one touch which strong low came up, but price has reaction at Fibonacci 61.80 LVL, at this point it made some liquidity and if we look at lower timeframe we got some strong sellers. If we look at JPY index its look pretty bullish this index broke some resistances and with slow movement testing it where its getting rejection from buyers.
For my trade i have some scenes where i am right and wrong.
Scene 1 - in this scene price getting strong seller, its coming strong downside which brake daily support and test second time daily support at 104.5.
Scene 2 - we don t have enough seller, for that market maker make fake brake out where it will take lot of stop orders and new sellers will drop price stronger.
Scene 3 - price still going upside brake 4h resistance testing it and touch to my stop loss in this scene i am wrong.
Always make your own research and manage your risk!!!
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Price action at low timeframe is pretty good. Lets see if buyers can reverse that price action.
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If you missed this trade its time to open short position.
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If you don’t risk anymore it take to take profit