CADJPY Absolute Short opportunity on H4!

Cadjpy has been working itself inside a pretty looking descending triangle, which ultimately broke down on May 4. Pair has managed to bounce off 79.00 handle in pursuit of a retracement. Leading up to the break lower, pair had developed a clean bearish Trendline that had provided two solid bounces. We just had another bounce at a very important confluent point as the attachment shows. First, we had a bearish pin bar play rejecting the 55ema, bearish trendline, recent descending triangle breakout, round number of 80.00 as well as the 23.6 fib% retracement! What is more, stochastic is nearing overbought level and ceteribus paribus, we have a strong sell suggestion in this pair if rates remain the same at market open.
This idea is supported on the Daily chart where the 200ema which would be the last line of defense for our almighty colleague-bulls seem to be giving way for further slump and directly overlooking the 77.36 previous resistance.
At market open, I will seek to short cadjpy around 80.00 or slightly above or below it. My pin point Sniper price would be 80.14
suggested stop loss is just above the H4 bearish rejection pin bar. In my case, I would opt for 80.39
Suggested targets are 79.04 and 77.50 ultimately.
Either way, this short idea promises better than normal Risk-Reward Ratio.
Good luck if you are joining me!! Let’s make the pips now!!

I am now short this pair at 79.77 due to market open dynamics.
Target has been refined to 78.56 and Stop Loss at 79.95 just above pivot.
Potential is -18 pips vs +119

If pair runs stop, I will be short again at original price of 80.11 with stop at 80.37 and target at 77.56

Good luck if you are updating with me



Undeniably choosy set up.

Indubitably joining.

Let the pips be in motion on the road to take profit.

:60:

lol. Welcome to the bearish party. let the bullish blood drop!

i’m looking at the daily chart and the stochastic is well under sold but i did notice something that looks like it could be a Head and Shoulder formation.? lemme know if i’m right on this one.



blue lines is weekly channel, red line is down trend, green line is up trend,

I certainly won’t call this a H&S. Besides, I never worry about trading it per se as I consider it the least profitable of all patterns that I know of! The current Analysis is exclusively off the H4 and therefore is meant as a shorter term deal. Notice that price is sitting atop a previous resistance turned support at the moment. The weekly chart will show you that better at 79.72, which is now under pressure from the obvious Daily/H4 descending triangle. I would savor shorting slightly above 80.00 for a tighter stop hoping that in the event of break, it should be a straightforward move down to the next support around 77.50
I am not sure what you mean stochastic being ‘under sold’? The daily stochastic seems lower but certainly no bottom is in site yet as instead H4 stochastic is near overbought. Again, this idea is based on the H4. If you have been watching Eurjpy, we had the same issue when Daily stochastic was pretty down yet, we are still short. What that shoes is that, whenever pair decides on a retracement/rally, it will be swift. In the case of cadjpy, I expect rally to merely retest low of broken descending triangle by which time, I will short bigger time! For now, Targets remain 78.56 and 77.50. The 79.02 target is merely a first push target.
Good luck
Good luck

FXSniPer1, how would you rate this trade? A+? A? A-? or some other grade?

Simply ‘A’ because it has not yet triggered. If it does trigger at my preferred price of 80.11, it would be upgraded to A+

It looks like a good setup, but I will be waiting for it to head closer to the trend line before entry. Or at least break the recent high of 80.32.

Will be a nice move, and can’t wait to get the pips !

Very nice, I entered at 79.72. Any idea for a trailing stop?

CAD/JPY from the top price of 106.649 till now was in a downtrend that sellers were able to achieve the lowest price of 96.677.Price by reaching to the round support level of 97.000 has stopped from more descend that shows Sellers used this price level to exit their trades.According to the formed movements in the chart, there is AB=CD harmonic pattern with none-ideal ratios of 61.8 and 127.2 between top price of 106.649 and the bottom price of 96.677 that warns about the potential of ascending from the endpoint of this pattern and on the whole has been prevented from more decrease till now.

Stoch indicator in daily time frame is in saturation sell area and with the next cycle warns about ascending of price during the next candles, but because of lack of coordination with the weekly and monthly time frames is not much valid.According to this point that in long term time frames such as weekly and monthly, price is under 5-day moving average and there is not any clear reason for ascending of the price, if the price level of 96.677 breaks, the price will find a potential for going toward the targets such as the important round level of 96.000 .

Bro, you revived a thread from THREE years ago.