I think CADJPY has completed 5 waves and I am getting ready to look for a short opportunity.
If this is indeed wave 5, then I will short based on the following steps
(1) I will wait for price to make a lower low (below 85.5) - Basically break the low
(2) Once the swing low is formed, I will Fib the down move
(3) Place pending Sell Limits at 50%, 61.8% and 78.6%
(4) Stop Loss goes above the highs (at 87)
(5) Target is 38.2% of the entire bullish move. If we get lucky, we may hit the 50% and 61.8%
(6) Once price breaks the 85.5 level, I will move SL to break-even
If we keep pushing higher in case of an extended wave 5, I will follow the similar steps to short in case a new swing low is formed. Targets will be adjusted accordingly.
Good Luck
If this is indeed wave 5, then I will short based on the following steps
(1) I will wait for price to make a lower low (below 85.5) - Basically break the low
(2) Once the swing low is formed, I will Fib the down move
(3) Place pending Sell Limits at 50%, 61.8% and 78.6%
(4) Stop Loss goes above the highs (at 87)
(5) Target is 38.2% of the entire bullish move. If we get lucky, we may hit the 50% and 61.8%
(6) Once price breaks the 85.5 level, I will move SL to break-even
If we keep pushing higher in case of an extended wave 5, I will follow the similar steps to short in case a new swing low is formed. Targets will be adjusted accordingly.
Good Luck