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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
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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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