Hello traders! Let's revisit the CADJPY chart and provide an update since I shared the idea on August 17. It's time to clarify things.
Our focus is on CADJPY, where an interesting Cup and Handle Pattern is taking shape on the daily chart. For a more in-depth understanding of Cup and Handle patterns, you can check out additional resources here: (www.tradingview.com/...-Trade-a-Cup-Handle/). Make sure to return here for the continuation of this analysis!
Examining the price action, we observe a distinct double bottom with a Low Cup at 104.247. Currently, the price is situated below the Breakout level at 110.624, and astute traders will notice the ongoing development of the handle phase.
Once the anticipated breakout occurs at 110.624, we will take action and execute the trade, placing our stops just below the previous low pre-breakout. Our target sights are set on the first target zone: 62% at 120.845 and 79% at 123.620.
But that's not all – keep your trading antennas finely tuned, as additional setups may emerge on smaller timeframes, enhancing our trading landscape further.
Remember, trading is a continuous journey. Stay vigilant, stay informed, and, most importantly, stay tuned for more exciting developments in the world of trading. Happy trading, everyone! 📈📉
Examining the price action, we observe a distinct double bottom with a Low Cup at 104.247. Currently, the price is situated below the Breakout level at 110.624, and astute traders will notice the ongoing development of the handle phase.
Once the anticipated breakout occurs at 110.624, we will take action and execute the trade, placing our stops just below the previous low pre-breakout. Our target sights are set on the first target zone: 62% at 120.845 and 79% at 123.620.
But that's not all – keep your trading antennas finely tuned, as additional setups may emerge on smaller timeframes, enhancing our trading landscape further.
Remember, trading is a continuous journey. Stay vigilant, stay informed, and, most importantly, stay tuned for more exciting developments in the world of trading. Happy trading, everyone! 📈📉
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