CADJPY Head & Shoulder [Quick Profit]
Hi Trading-folks!
Indicators:
200-EMA (BLUE) - Long Term Trend Filter (LTTF)
100-EMA (ORANGE) - Mid Term Trend Filter (MTTF)
20-EMA (RED) - Short Term Trend Filter (STTF)
Overview of this pair remains bullish as shown on the LTTF of Daily Chart. However, H4 Chart is forming a Head & Shoulder pattern with the confluence of the MTTF of H4 Chart and STTF of Daily Chart, as you can see, price is riding below them on its respective time frame.
If price managed to close below 88.500 on H4 Chart, Head & Shoulder Pattern is formed completely. At the same time, price will be below MTTF of Daily Chart as well.
Target Profit zone at 87.400 - 87.830, right above the LTTF of Daily Chart.
Even though this setup is against the long term trend, I would say it is still a pretty good short term trade to look for, especially there are confluences from different time frame to determine the short term bias.
I wouldn't eliminate the chance of the price to bounce off 88.500 and starts rally. This setup will be voided by then.
I gotta emphasize this point again, overview of this pair remains bullish.
Please be patient and wait for the price to close below 88.500 or MTTF of Daily Chart.
So... HODL YOUR TRIGGER FOLKS!
Remember folks,
BE PATIENT
The stock market is a device for transferring money from the impatient to the patient. – Warren Buffett
LIKE, SHARE AND FOLLOW!
Comment below to share your thoughts of this and if you got a better idea, share with me too!
Stay tune!
Regards,
JW
Indicators:
200-EMA (BLUE) - Long Term Trend Filter (LTTF)
100-EMA (ORANGE) - Mid Term Trend Filter (MTTF)
20-EMA (RED) - Short Term Trend Filter (STTF)
Overview of this pair remains bullish as shown on the LTTF of Daily Chart. However, H4 Chart is forming a Head & Shoulder pattern with the confluence of the MTTF of H4 Chart and STTF of Daily Chart, as you can see, price is riding below them on its respective time frame.
If price managed to close below 88.500 on H4 Chart, Head & Shoulder Pattern is formed completely. At the same time, price will be below MTTF of Daily Chart as well.
Target Profit zone at 87.400 - 87.830, right above the LTTF of Daily Chart.
Even though this setup is against the long term trend, I would say it is still a pretty good short term trade to look for, especially there are confluences from different time frame to determine the short term bias.
I wouldn't eliminate the chance of the price to bounce off 88.500 and starts rally. This setup will be voided by then.
I gotta emphasize this point again, overview of this pair remains bullish.
Please be patient and wait for the price to close below 88.500 or MTTF of Daily Chart.
So... HODL YOUR TRIGGER FOLKS!
Remember folks,
BE PATIENT
The stock market is a device for transferring money from the impatient to the patient. – Warren Buffett
LIKE, SHARE AND FOLLOW!
Comment below to share your thoughts of this and if you got a better idea, share with me too!
Stay tune!
Regards,
JW
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