In my last analysis is CADJPY which was basically an analysis of CADJPY on the daily timeframe, I spoke about two trading opportunities which the price action presented on the daily and 15M timeframes. The first one is a shorting opportunity on the daily and the second is a long opportunity on the 15M timeframe. Now because the higher timeframe is signalling that a change of momentum to downside is going to occur soon, I wouldn't normally take this trade. But I have two good reasons to enter this trade.
1. An ascending triangle pattern has formed and a breakout is imminent.
2. The (14 period)RSI is oversold.
These are two good reasons why I have concluded that it is possible for me to squeeze or some "bullishness ;D" form this pair before it finally reverses.
1. An ascending triangle pattern has formed and a breakout is imminent.
2. The (14 period)RSI is oversold.
These are two good reasons why I have concluded that it is possible for me to squeeze or some "bullishness ;D" form this pair before it finally reverses.
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