Swing Trading Strategy CADJPY – 23rd April 2019

Swing Trading Strategy CADJPY – 23rd April 2019 (Case Study)

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CADJPY after being bullish on the H4 chart for some days, it seems that the price might want to make a bearish move. A double top has been formed and the price is about to make a breakout at the neck line support of the double top. Today’s intraday price action has been very bearish as well. Considering these facts, there is a good possibility that the pair might offer a short entry later today. Let us have a look at the H4 CADJPY chart.

This is another trade idea generated by the Elite Swing Trader.

Swing Trading Strategy CADJPY – 23rd April 2019

Swing Trading Strategy CADJPY – 23rd April 2019

The H4 chart shows that the level of 83.860 has been held by the corrective wave. It produced a good-looking H4 bearish engulfing candle as well. Now it is time for a breakout at the level of 83.500. If that level gets broken by H1 candle, then we would have to wait for a consolidation and then an H1 bearish engulfing candle to take a short entry. Let us have a look at the summary of the trade…

  • Sell Stop Order: 83.490
  • Stop loss:  83.761
  • Take Profit: 83.138

Our today’s trade setup is slightly different than yesterday’s setup. Just an H1 breakout is not enough here. A consolidation, then an H1 breakout is to be produced at the breakout level. The reason behind this is the selling pressure on the first wave was not that strong. That is why sellers have to wait a bit longer here.  However, the current wave’s selling pressure is good. This is what would attract sellers to go short on the pair.

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Swing Trading Strategy CADJPY – 23rd April 2019 (Case Study)

CADJPY moved as predicted. Breakout through support like knife through butter. It quickly hit our TP target and we are off with a nice and pretty fast 35 pips profit. Hope this was a good trade for you as it was for us.

Swing Trading Strategy CADJPY – 23rd April 2019 (Case Study)

Swing Trading Strategy CADJPY – 23rd April 2019 (Case Study)

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