CADJPY, daily timeframe, Bearish Flag trade setup

Hello my friend,

There is a nice trade setup in CADJPY which could give us a worthy RR.

I notice a bearish flag on the daily timeframe of CADJPY. Price already broken below the support as well. Right now price retrace up to 61.8 fibonacci level and this is actually a nice area to try selling it. I am going to play patiently on this pair and waiting for price to retest until 79.55 area as there are 78.6 fibonacci retracement and 200-EMA on that place as well.

I am setting a pending sell order for this pair.

Sell CADJPY 79.55
Stop loss 80.25
Take profit 1 @78.70
Take profit 2 @77.85
Take profit 3 @77.00

Zlecenie aktywne:

for now i opened half position at 79.25
good luck