CADJPY - Possible end of corrective wave
Price has formed a Adam and Eve pattern on the Weekly chart, and has gone as far as the neckline.
This is a rather reliable pattern to break downwards, but being on the weekly, it took a longer time to form.
Now price has being on a series of ABC waves on LTF, so we keep correcting upwards.
Currently it is at the top of support turned resistance zone. Selling here with a small stop above will garner a good RR if the trade goes the right way.
Target for the Adam and Eve is around 97.32, but that it provided the neckline gets broken and its a long way there.
For shorter term trading, I am just going for the decent wins. Entry here, and target at 104.25.
This is a rather reliable pattern to break downwards, but being on the weekly, it took a longer time to form.
Now price has being on a series of ABC waves on LTF, so we keep correcting upwards.
Currently it is at the top of support turned resistance zone. Selling here with a small stop above will garner a good RR if the trade goes the right way.
Target for the Adam and Eve is around 97.32, but that it provided the neckline gets broken and its a long way there.
For shorter term trading, I am just going for the decent wins. Entry here, and target at 104.25.
Nota
Weekly Chart - Adam and EveTrade fechado: stop atingido
Barely stopped out and reverse.This idea is still likely to work. Sell retrace next week.
Aviso legal
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.