LAST WEEK I POSTED A TRADE PLAN ON THIS PAIR FOR A POSSIBLE SHORT OPPORTUNITY BECAUSE PRICE OPENED AT MM3. THAT PLAN DID NOT WORK OUT AS BULLS PUSHED PRICE HIGHER, AND CURRENTLY PRICE IS 91.47 RESISTANCE WHICH IS MM4/MR2 PROFIT TAKING ZONE. THE LAST TIME PRICE TESTED THIS LEVEL WAS BACK IN SEPTEMBER OF LAST YEAR AND IT FAILED TO MOVE HIGHER. SEEING THAT IS A KEY AREA OF RESISTANCE I AM LOOKING TO GO SHORT, HOWEVER I AM KEEPING AN EYE ON REVERSAL PATTERNS ON LOWER TIME FRAMES.

CADJPY DAILY

MARKET IS SIDEWAYS. PRICE CURRENTLY AT MM4 RESISTANCE. BULLS ARE PROBABLY LOOKING TO BOOK PROFITS, AND BEARS ARE LOOKING TO GO SHORT.

CADJPY H4

MARKET IS BULLISH, AND PRICE IS ALSO BULLISH. HOWEVER PRICE IS CURRENTLY AT WM3 RESISTANCE AND IT COINCIDES WITH MM4. STOCHASTICS IS OVERSOLD. ENTERING NOW WOULD BE AGGRESSIVE BUT IF YOU ARE SWING TRADING THAN YOU GO SHORT WITH THE AIM OF GETTING TO WM1. CONSERVATIVE TRADE WOULD BE TO WAIT FOR A LOWER HIGH AND LOWER LOW.

CADJPY H1

MARKET IS BULLISH AS WELL ON THIS CHART. PRICE IS AT DM3 AND THAT COINCIDES WITH WM3 AND MM4. STOCHASTICS HEADING TOWARDS OVERBOUGHT. IF YOU ARE A BEAR YOU ARE PROBABLY WATCHING THIS.

CADJPY DAILY POST TRADE

MM4 TO MM2, EXACTLY WHAT BEARS WERE SUPPOSED TO DO. A 300 PIP MOVE. FURTHER DECLINE IS POSSIBLE SEEING THAT STOCHASTICS IS STILL HEADING TOWARDS OVERSOLD.

CADJPY H4 POST TRADE

CADJPY H1 POST TRADE

2 thoughts on “CADJPY SHORT SETUP, 08 JANUARY 2018”

  1. I agree…long USDCAD, short EurJPY..the later is on my radar this week!!!

    1. Pedro says:

      yeah, both those pairs you mentioned are also on my radar. what would help the usdcad long trade would be some crude oil weakness so i’m also keeping an eye on oil, and maybe it finds resistance at 62 or 63… Thanks for the comment Mr.Ngetich

Leave a Reply