CADJPY has been Bearish on the H4 chart. The price has kept making lower lows for the last three trading days. Today the H4 chart has produced two consecutive H4 Bearish candles. One of them has made a breakout at an important level of Support as well. If the level is held by the next H4 candle and it produces an H1 Bearish Engulfing Candle, then selling the pair would get us some green pips.
The level of 83.390 got broken and the price kept going down after the breakout. Now it is the time for the price to make some correction. If the price goes back to the level of 83.390 and the level is held by H4 candle, then an H1 Bearish Engulfing Candle right from that breakout level would be the signal to take a short entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 83.390
- Stop Loss: 83.725
- Take Profit: 82.550
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Today’s market seems to be very active so far. Mario Draghi has a speech to give at GMT 09.00. I assume it would be a good day for the traders today. We would get more breakouts and good movement of the price today. This would offer more entries for the traders. Especially EURO pairs today would be very active. To some extent, they could get very volatile as well. Let us hope that the market gets a good day today, which gives us some good days in coming days.
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