CADJPY: Sell Bias :chart_with_downwards_trend:
Confluence:
- Impulsive move away from higher timeframe downtrend.
- Broken the Inner and Outer Trendline.
- Potential H&S pattern where we could look to enter of the right shoulder.
- Currently Correcting now in an ascending channel.
Confirmation:
- We have to allow a few more retail traders enter the market. Being patient and waiting for that area of liquidity is crucial.
- A manipulation candle tapping into the 61.8% fib level.
- Minimum RRR of a 1:3
Targets:
- Would be the bottom of the correction but we can potentially see further downside movement to the HTF trendline!
Confluence:
- Impulsive move away from higher timeframe downtrend.
- Broken the Inner and Outer Trendline.
- Potential H&S pattern where we could look to enter of the right shoulder.
- Currently Correcting now in an ascending channel.
Confirmation:
- We have to allow a few more retail traders enter the market. Being patient and waiting for that area of liquidity is crucial.
- A manipulation candle tapping into the 61.8% fib level.
- Minimum RRR of a 1:3
Targets:
- Would be the bottom of the correction but we can potentially see further downside movement to the HTF trendline!