TOP DOWN ANALYSIS FOR CADJPY
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On the daily timeframe, we can see that there was a massive fall around February and March and you have clearly seen that the two zones drawn are strong SR zones. SR standing for Support-Resistance.
Asides that, we have seen that the RSI has made lower lows towards its oversold level and price is making higher lows forming a bullish divergence.
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On a 4 hour TimeFrame, we have seen that higher lows price was making which formed a bullish divergence has formed a good support level.
On the other hand, we can see that there is a downtrending trendline that has been broken.
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On a 1 hour TimeFrame, besides seeing a visible trendline, we can see an ascending triangle formation in the marked yellow zone and RSI is also balanced on an ascending support level.
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On a 30 minutes timeframe, we can see that there was a downtrending channel after the breakout from the downtrend.
The channel was broken and retested and now heading towards the red zone.
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So what am I expecting?😃Nota
ONE
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TWO
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After the breakout and retest on the red zone, where will I put my take profit and Stop Loss to ensure proper risk management?Nota
Personally, I would buy at the price close above the red zone with my Stop Loss and take profit levels put into consideration.😊
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.