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Saturday, May 27, 2017

[FOREX TIP] CADJPY Price Action Analysis – 23rd May 2017

Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…

CADJPY Price Action Analysis – 23rd May 2017

CADJPY took a long bearish ride on the Daily/weekly chart. The level of 80.570 played an important role in that bearish journey. The price had a support at the level and went towards the upside to make some corrections. Then, the price made another bearish move, but got rejected from the same level. This means the level of 80.570 has to be on the watch list and it has to be dealt very carefully by the traders of CADJPY. Meanwhile the pair might be getting ready to offer us a short entry on the Daily chart. Let us have a look at the D1 chart of CADJPY…

We see on the last bearish move, the long bearish daily candle breached the level of 82.450. Then, we had 3 corrective daily candles to check the level of flip over resistance. The level has been held so far. If this level produces a Daily reversal candle, which ideally should be today, then selling the pair would get us some green pips. Let us have a look at the summary of the trade…
  • Sell Limit Order: 82.450
  • Stop Loss level:  83.150
  • Take Profit Target: 81.100
  • Validity: 24 hours
  • Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

To take the short entry on this trade setup, we have to wait to get a daily reversal candle at the recommended level. This means we will not be able to take the entry until tomorrow. Meanwhile, we have to wait patiently. This is what is called “Predator approach” in the Forex trading. We have to learn the art of being a super predator.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: CADJPY Price Action Analysis – 23rd May 2017

 

The post CADJPY Price Action Analysis – 23rd May 2017 appeared first on Advanced Forex Strategies.



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