Hello my friends,
I found something interesing in CADJPY pair just now. It looks like this pair forming a small bear flag inside a descending channel on 4hr timeframe.
Previously i took a buy position on this pair but i closed it on entry as it is going sideways for some time and no power in going up.
Price already broken below the channel with a solid candle in the last 4hr candle close. We could expect price to continue going down from this point as there is another zone which acted as resistance. Noticed there is also 50-EMA at this zone so we could say this is an area of confluences.
Sell CADJPY 80.05
Stop loss 80.45
Take profit 1 @79.55
Take profit 2 @79.05
Risk only 1-2% of your equity
Use proper risk management
Good luck
I found something interesing in CADJPY pair just now. It looks like this pair forming a small bear flag inside a descending channel on 4hr timeframe.
Previously i took a buy position on this pair but i closed it on entry as it is going sideways for some time and no power in going up.
Price already broken below the channel with a solid candle in the last 4hr candle close. We could expect price to continue going down from this point as there is another zone which acted as resistance. Noticed there is also 50-EMA at this zone so we could say this is an area of confluences.
Sell CADJPY 80.05
Stop loss 80.45
Take profit 1 @79.55
Take profit 2 @79.05
Risk only 1-2% of your equity
Use proper risk management
Good luck
