CADJPY: Update
Seems like this pair will offer a perfect short opportunity anytime now.
As depicted in the chart, we can see that price reached a critical resistance level after completing an AB=CD pattern from the low to the sideways correction start and end.
I'll post if I find a good entry opportunity with good risk/reward ratio asap.
If aggressive, you can short now under the low and target the horizontal red dashed line for taking partial profits, but I prefer to wait for a cleaner entry, fine tuning from the 4h and 1h charts.
Keep in mind that Gov. Poloz is speaking tomorrow, in 8hs from now, so the market might wait for that event to increase momentum and turn one directional.
Good luck!
Ivan.
Update:
Seems like the perfect short entry is near:
Taking a small position with a tight stop once time expires.
As depicted in the chart, we can see that price reached a critical resistance level after completing an AB=CD pattern from the low to the sideways correction start and end.
I'll post if I find a good entry opportunity with good risk/reward ratio asap.
If aggressive, you can short now under the low and target the horizontal red dashed line for taking partial profits, but I prefer to wait for a cleaner entry, fine tuning from the 4h and 1h charts.
Keep in mind that Gov. Poloz is speaking tomorrow, in 8hs from now, so the market might wait for that event to increase momentum and turn one directional.
Good luck!
Ivan.
Update:
Seems like the perfect short entry is near:
Taking a small position with a tight stop once time expires.
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