HELLO TRADERS, THIS IS MY SHORT TRADE IDEA FOR THIS PAIR. WITH THE FLAT EMA’S ON THE DAILY CHART, ONE COULD SAY PRICE IS CURRENTLY AT THE TOP OF THE RANGE PLUS MM3 RESISTANCE. IF YOU ARE A BEAR ON THIS PAIR THAN YOU A PROBABLY THINKING TO SHORT THIS PAIR ALL THE WAY TO MM1.

CADJPY DAILY

MARKET IS SIDEWAYS, 21 AND 55 ARE FLAT ON THIS CHART. PRICE IS CURRENTLY AT MM3 RESISTANCE WHICH PREDICTS A TARGET OF MM1. STOCHASTICS IS OVERBOUGHT SO BEARS ARE LOOKING TO GO SHORT.

CADJPY H4

THE MARKET IS BULLISH ON THIS CHART, THE 21 IS ABOVE THE 55. HOWEVER WE HAVE A RESISTANCE CLUSTER OF WM3/MM3. SUPPORT IS AT WPP AND WM2, NOTE THAT THE 55 COULD PLAY DYNAMIC SUPPORT WHICH WOULD PREDICT A DOUBLE TOP.

CADJPY H1

MARKET IS SIDEWAYS, THE EMAs ARE FLAT. RESISTANCE IS AT DM3 WHICH COINCIDES WITH WM3 AND MM3. IF WE PLAY THE DAILY PIVOTS THAN PRICE SHOULD END THE DAY AT DM1, HOWEVER WE ARE AT THE MERCY OF THE MARKET.

CADJPY M15

PRICE IS AT RESISTANCE. AN AGGRESSIVE ENTRY IS AT THE PIVOT CLUSTER RESISTANCE MENTIONED IN THE CHARTS ABOVE. IF YOU ARE CONSERVATIVE THAN YOU WILL WAIT FOR PRICE TO BREAK WPP SUPPORT TO THE DOWNSIDE AND SELL THE RETEST AS INDICATED BY THE ARROWS.

CADJPY DAILY POST TRADE

THIS TRADE PLAN DID NOT GO ACCORDING TO PLAN. PRICE BROKE TO THE UPSIDE AND I GOT STOPPED OUT AT BREAKEVEN. THE MISTAKE I MADE WAS GOING SHORT WITHOUT REVERSAL PATTERNS ON LOWER TIME FRAMES, HOWEVER SHORTING AT MM3 RESISTANCE PIVOT IS A GOOD SHORT IN MY OPINION. PRICE MOVING HIGHER ON THE OTHER HAND PROVIDES A BETTER PRICE FOR BEARS TO GO SHORT.

CADJPY H4 POST TRADE

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.