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CADJPY Price Action Analysis – 29th Aug 2017
CADJPY has broken an uptrending Channel on the H4 chart. The pair has been bearish so far. On its way towards the South, a significant level of Support has been broken as well. If that level works as a Resistance and produces an H4 Bearish Engulfing Candle, then selling the pair would get us some green pips with excellent risk and reward ratio. Let us have a look at the H4 CADJPY chart.
CADJPY Price Action Analysis – 29th Aug 2017
Have a look at those bearish H4 candles. They broke a Horizontal Support at 87.280 as well as a Support level of an uptrending channel. If the price goes back to the Horizontal breakout level and produces an H4 Bearish Engulfing Candle, then there would be huge selling pressure as far as this trade setup is concerned. Let us have a look at the summary of the trade…
- Sell Limit Order: 87.300
- Stop Loss Level: 87.800
- Take Profit Target: 86.000
- 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
Since the pair just made a breakout, thus the reversal candle has to breach the last higher high. What that means is we must wait for an H4 candle to close above the level of 1.49140. The pair has been on a solid trend, so it should have enough liquidity. Any sort of confusion, such as if it takes too many candles to make the breakout would slow down the pace to reach at our desired level. The best would be if we get the current H4 candle as our breakout candle. The pair will surely have a huge amount of liquidity then.
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