Evening Traders,
Today’s analysis – CADJPY- trading below local S/R where further downside is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance
- .618 Fibonacci Confluence
- Oscillators bearish control
- Lower Local S/R Objective
CADJPY’s immediate price action is trading under local S/R that is in confluence with the .618 Fibonacci, allowing for a bearish bias.
The oscillators are both trading in their respective bearish control zones, indicative of weakness in the market.
The Lower Local S/R is objective, exceeding the level increases the probability of further downside.
Overall, in my opinion, CADJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger
Today’s analysis – CADJPY- trading below local S/R where further downside is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Resistance
- .618 Fibonacci Confluence
- Oscillators bearish control
- Lower Local S/R Objective
CADJPY’s immediate price action is trading under local S/R that is in confluence with the .618 Fibonacci, allowing for a bearish bias.
The oscillators are both trading in their respective bearish control zones, indicative of weakness in the market.
The Lower Local S/R is objective, exceeding the level increases the probability of further downside.
Overall, in my opinion, CADJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger
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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
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 ⚔️
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.