CADJPY had a bearish day yesterday. The H4 chart shows that the price is on consolidation. A level of resistance holds the price so far. If the level continues holding the price and produces an H4 bearish reversal candle, the sellers may get an opportunity to go short upon an H4 breakout at yesterday’s lowest low. Let us have a look at the H4 CADJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals CADJPY – 31st Oct 2019
The chart shows that the price after finding a daily resistance produced two consecutive bearish daily candles. It has found its support at the level of 82.430 and resistance at the level of 82.690. The resistance has already produced a Marubozu bearish candle. However, the candle could not breach yesterday’s lowest low. It may have more consolidation. If the resistance level keeps holding the price and produces an H4 bearish reversal candle and makes an H4 breakout at the level of 82.430, the sellers may go short upon an H1 bearish engulfing candle right at the breakout level. Let us have a look at the summary of the trade…
- Sell Stop order: 82.482
- Stop Loss: Above 82.827
- Take Profit: 82.121
It is the last day of October. The last day of a month often makes an abrupt move. Keep an eye at the last hour of the London Session. If you have any running trade, try to close it before the London Session ends today. Yes, it may go in your favor as well but it is best to be safe and grabbing pips on your calculation.
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