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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.
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