Hello fellow traders, I would like you to take a moment and see why I'm bearish on CADJPY for this week, enjoy!!!
Reward: 510 pips🤑
Risk: 32 pips❌
Risk/Reward Ratio: 15.92
Chart Breakdown:📉📈
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Reward: 510 pips🤑
Risk: 32 pips❌
Risk/Reward Ratio: 15.92
Chart Breakdown:📉📈
- Daily: On the daily timeframe we had a nice downtrend and price is currently consolidating and is currently at the resistance level of this consolidation indicating potential sells. The second bearish signal we have is that price
re-tested a downward trendline and is currently respecting that bearish setup.
- 4 Hour: On the 4 Hour chart price is currently in an uptrend but has not created any recent higher-highs and higher-lows indicating to us that the uptrend is probably losing it's steam.
- 1 Hour: Price is currently in a uptrend that is that looks like it's ending as we have a formation of a head-and-shoulders reversal pattern which is still to be confirmed.
Price formed a huge fake-out and went back inside the trendline to probably re-test the broken support level in order to gain more sell momentum to finally breakout of the upward trendline.
Entry will be confirmed by the re-test of the support turned resistance + re-test of minor downward trendline and the formation of a bearish reversal candlestick pattern at this area.
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