An extended in-depth review of my previous already posted CAD/JPY trade.
Daily Analysis, we see previous structure of a rising wedge pushed to the downside, now we have another similar concept with a possible downside also.
I will enter if it can break down the minor support and the bounce support level below which can be used to get back into the trend line, it is a descending reversal wedge anyways so it will come down eventually, but for a better entry a bounce can be a good opportunity for that snipe. Once broken down the 2 minor support and I see it does not respect the bounce, I will ride to TP 1 and will look for respect on that support zone, and furthermore if we break the ride down we then go the long distance of the full trade to TP 2.
Daily Analysis, we see previous structure of a rising wedge pushed to the downside, now we have another similar concept with a possible downside also.
I will enter if it can break down the minor support and the bounce support level below which can be used to get back into the trend line, it is a descending reversal wedge anyways so it will come down eventually, but for a better entry a bounce can be a good opportunity for that snipe. Once broken down the 2 minor support and I see it does not respect the bounce, I will ride to TP 1 and will look for respect on that support zone, and furthermore if we break the ride down we then go the long distance of the full trade to TP 2.