CADJPY Price Action Analysis – 30th August 2018
CADJPY has been having a strong Bullish trend on the H4 chart. The price has kept moving higher highs. Yesterday the pair produced a strong H4 Bullish candle. Today’s first two H4 candles came out as corrective candles. There is a strong Support level nearby. If that level is held and it produces an H4 Bullish H4 candle first and we get an H1 breakout later at yesterday’s higher high, then buying the pair would get us some green pips. Let us have a look at the H4 CADJPY chart.
The level of 86.200 has to play its part here. If the level is held by H4 candles and it ends up producing an H4 Bullish Engulfing Candle, then we have to wait for an upside H1 breakout at 86.540 to take a long entry. There is enough room for the price to travel towards the North. However, the price might start having some correction at the level of 87.100. Thus, that is where we are going to set our Take profit. Let us have a look at the summary of the trade…
- Buy Stop Order: 86.540
- Stop loss: 86.200
- Take Profit: 87.100
- 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
None of the currency on CADJPY has any high impact news event today. Thus, the signal could come at any time after the H4 Bullish Engulfing Candle. However, most probably the signal would come after the New York open. Let us keep our eyes on the pair closely to get the H4 candle and the H1 breakout to take the entry.
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