CADJPY Price Action Analysis – 8th Feb 2018
CADJPY was Bearish on the Daily chart. The pair seems to have a consolidation. However, today’s price action suggests that the pair might take another Bearish ride as far as the H1 chart is concerned. Let us have a look at the H1 CADJPY chart.
The level of 87.330 is a level where the price reacted earlier. We have had a Doji H1 candle today. The next candle seems to be a Bearish Engulfing Candle. If the price keeps coming down and makes an H1 breakout at the level of 86.790, then selling the pair would get us some green pips. Let us have a look at the summary of the trade.
- Sell Stop Order: 86.790
- Stop Loss: 87.330
- Take Profit: 85.970
- 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
The JPY and GBP seem to be the hot pairs for today. However, the GBP has some high impact news events at GMT 13.00. Thus, I have not chosen the GBP pairs. I assume most of the GBP pairs would end up producing long spikes since the H4 charts do not show us the trend that we can rely on. They might offer entries based on intraday charts such as 5M or 15M. However, to be able to trade on the H1 or H4 charts traders should patiently wait. On the other hand, the JPY pairs look good and the JPY does not have any high impact news event. This is the reason why I have chosen CAD JPY pairs to take an entry today.
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