Hi Traders,
This is a potential setup for a long opportunity on CADJPY. I entered long on this pair on Friday for completion of the head and shoulders pattern but got stopped out. There may be a better point of entry if price breaks above the 4HR trendline and resistance. If this happens I expect price to test the neckline of the M formation on the weekly. I would like to add that this is not an A quality setup as there are negative confluences. The formation of the weekly candle signifies a bearish movement for the week to fill in the weekly. Also, the RSI on the weekly is still in the overbought region.
What are your thought long, short or no trade? Leave a comment below.
Remember do your own trade analysis and use proper risk management.
This is a potential setup for a long opportunity on CADJPY. I entered long on this pair on Friday for completion of the head and shoulders pattern but got stopped out. There may be a better point of entry if price breaks above the 4HR trendline and resistance. If this happens I expect price to test the neckline of the M formation on the weekly. I would like to add that this is not an A quality setup as there are negative confluences. The formation of the weekly candle signifies a bearish movement for the week to fill in the weekly. Also, the RSI on the weekly is still in the overbought region.
What are your thought long, short or no trade? Leave a comment below.
Remember do your own trade analysis and use proper risk management.