Hi Traders! We have CADJPY sell setup forming at the moment. In the below video you will find a detailed analysis of this bearish opportunity:
CADJPY H4 Chart:
On the H4 chart the price has created double top with bearish divergence which we may consider as evidences of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
CADJPY H1 Chart:
On the H1 chart the price has created a five leg structure, the price has also created double top and multiple divergences, we may consider these as evidences of bearish pressure. Hence everything looks good here for the bears, we may now look for more evidences of bearish pressure and then start looking for sells. We have a good uptrend line that has formed and the price is respecting it so far, if you want to be more aggressive then wait for the price to move lower and break below this dynamic support, you may then start looking for sells with more bearish evidences. If you want to be more conservative then wait for the price to move lower and break below the last low, you may then start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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