CADJPY Ascending/Descending Channel Support Zone Confluence

STRATEGY: Chart Patter/S&R Strategy (Ascending and Descending Channel)

Focus TF: 4H
TP Target: 2.04R
ET: 1H - Abandoned Baby; Bullish Engulfing
AOV: Ascending and Descending Channels' Support Zone (Confluence)


1D Analysis:
Long Term - Price moving inside a large Ascending Channel.
Short Term - Inside Ascending Channel, there's a Descending Channel and the price approached both Large Ascending and Descending Channels' Support Zone.

Pin Bars occurred on the Support Zone showing rejection of the area. There is a high probability that the price will bounce and hit the Major Resistance (Horizontal) area.






4H Analysis:
Price struggled to create a new low, showing mini consolidation and price rejection of the Support Zone




1H Analysis:
ET:
- Abandoned Baby
- Bullish Engulfing - Series of Bullish Engulfing occurred on 1H TF. These are a great sign that price is ready to bounce and go up.




Note: This post is my personal journal/opinion only. Please trade at your own risk.