Evening Traders,
Today’s analysis – CADJPY – confirming a bearish divergence and breaking Daily S/R, lower targets probable,
Points to consider,
- Swing high failure
- Daily S/R (resistance)
- Local S/R (support)
- Oscillators divergence
- Bearish Price Action
CADJPY’s recent high was not exceeded, establishing a valid failure swing. This allows us to have a bearish bias on the market.
The Daily S/R is the immediate resistance; price respecting this level will confirm a bearish retest. The 200 DMA is currently supressing price; a break will likely be impulsive into Daily S/R and 21 DMA which is in
confluence.
Local support is the next HTF trade location, testing and holding this area will be critical for the overall trend.
Both oscillators are below 50, this is indicative of weakness in the market thus any rallies are likely to be sold into.
Overall, in my opinion, the current price action is bearish, this allows for a valid short with defined risk. Price action is to be used upon management/ discretion of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
Today’s analysis – CADJPY – confirming a bearish divergence and breaking Daily S/R, lower targets probable,
Points to consider,
- Swing high failure
- Daily S/R (resistance)
- Local S/R (support)
- Oscillators divergence
- Bearish Price Action
CADJPY’s recent high was not exceeded, establishing a valid failure swing. This allows us to have a bearish bias on the market.
The Daily S/R is the immediate resistance; price respecting this level will confirm a bearish retest. The 200 DMA is currently supressing price; a break will likely be impulsive into Daily S/R and 21 DMA which is in
confluence.
Local support is the next HTF trade location, testing and holding this area will be critical for the overall trend.
Both oscillators are below 50, this is indicative of weakness in the market thus any rallies are likely to be sold into.
Overall, in my opinion, the current price action is bearish, this allows for a valid short with defined risk. Price action is to be used upon management/ discretion of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
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Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
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— Team The Alchemist ⚔️
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
partner.blofin.com/d/TheAlchemist
Stay sharp, trade smart.
— Team The Alchemist ⚔️
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。