Evening Traders,
Second analysis for today, I will try to produce two pieces of content daily,
CADJPY – trading under Daily S/R in a bearish formation, a bearish retest is probable here.
Points to consider,
- Rising wedge (bearish pattern)
- Daily S/R (Resistance)
- 200 DMA (Confluence)
- Bearish Divergence (RSI & Stochastics)
CADJPY is trading in a rising wedge under technical resistance, this gives us a bearish bias on the market.
The Daily S/R is likely to be respected, as this is a bearish retest of the level.
The 200DMA is in confluence with the lower Daily S/R. Price is likely to come down for a retest of the structure.
There is a valid double bearish divergence on the oscillators. Indication of weakness is in the market, increasing probability of a bearish retest.
Overall, in my opinion, CADJPY is a valid short with risk defined above Daily S/R. Price action is to be used upon discretion/management of trade.
Hope this analysis help!
Thank you for following my work!
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Second analysis for today, I will try to produce two pieces of content daily,
CADJPY – trading under Daily S/R in a bearish formation, a bearish retest is probable here.
Points to consider,
- Rising wedge (bearish pattern)
- Daily S/R (Resistance)
- 200 DMA (Confluence)
- Bearish Divergence (RSI & Stochastics)
CADJPY is trading in a rising wedge under technical resistance, this gives us a bearish bias on the market.
The Daily S/R is likely to be respected, as this is a bearish retest of the level.
The 200DMA is in confluence with the lower Daily S/R. Price is likely to come down for a retest of the structure.
There is a valid double bearish divergence on the oscillators. Indication of weakness is in the market, increasing probability of a bearish retest.
Overall, in my opinion, CADJPY is a valid short with risk defined above Daily S/R. Price action is to be used upon discretion/management of trade.
Hope this analysis help!
Thank you for following my work!
And remember,
“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
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Trade with perks & support the community!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.