Thursday, November 22, 2018

CryptoCurrency News: Norway Ends Power Tax Subsidy for Bitcoin Miners

The Norwegian government has scrapped a subsidy on electricity tax for cryptocurrency miners in its state budget, a report says.

via CoinDesk

CryptoCurrency News: Major Banks Sign Up for New EU Commission Blockchain App Association

The European Commission, the EU's executive body, is launching a blockchain app association next year and already has major banks on board.

via CoinDesk

CryptoCurrency News: Swiss Railway Tests Blockchain Identities for Workplace Safety Boost

Swiss Federal Railways has trialed a blockchain-based credentials management system for construction workers.

via CoinDesk

CryptoCurrency News: $4.6K: Bitcoin’s Price Revival Has a New Target

Bitcoin's stalled recovery rally could kick off again if prices manage to beat new resistance above $4,600.

via CoinDesk

CryptoCurrency News: French Tobacco Retailers to Sell Bitcoin From January

Tobacconists in France are reportedly going to be selling bitcoin vouchers to the public from New Year.

via CoinDesk

[FOREX TIP] CADJPY Price Action Analysis – 22nd Nov 2018

We just this powerful Price Action Scanner to find us the best trades everyday.

CADJPY had a long bearish journey on the H4 chart. However, it seems that the price has made an upside breakout. A down trending channel was being obeyed by the price. One of the H4 candles made a breakout and got held. Thus, the buyers of CADJPY will keep their eyes on the pair for a correction first. Then, an H4 Bullish Engulfing Candle right at the breakout level would be the signal to take a long entry for them. Let us have a look at the H4 CADJPY chart.

CADJPY Price Action Analysis – 22nd Nov 2018

CADJPY Price Action Analysis – 22nd Nov 2018

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The price made a breakout at the level of 85.045. We must keep in mind that it was a channel breakout. Thus, either the price has to come all the way to channel’s resistance, or it has to make a ‘Double Bottom’ at the horizontal level of support at 86.045. If we get an H4 Bullish Engulfing Candle around the breakout level, then the price would go towards the level of 85.645 without having that many pauses.

Let us have a look at the summary of the trade

  • Buy Limit Order: 85.045
  • Stop Loss:  84.500
  • Take Profit:  85.645
  • Validity: 72 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

Tip of the day: The trend that exists right now that started with an Inside Bar H4 Bullish Candle. It would have been better for the buyers if it was an Engulfing Candle. Now the buyers are going to keep their close eyes on the signal candle. That has to be an Engulfing one to give them enough confidence.

The post CADJPY Price Action Analysis – 22nd Nov 2018 appeared first on Advanced Forex Strategies.

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