Good evening from the UK as you may have seen on my Instagram story (travis_duncz) I entered short on this pair. CADJPY for the month of March we have been in a downtrend. I have a had a breakout of a trend line with a strong bullish candle on Monday April 1st. However i see this as a false breakout. Many traders would presume the momentum would of continued to the upside. Well April fools! That isn't the case. Monitoring lower timeframes we have had rejections of 83.800 similar to our daily timeframe during the middle of march with multiple doji's and spinning tops. Guys we can also say we have a 'Corrective Double top' read up on this charting pattern also suggests bearish momentum.
Throwing into the mix also is a Daily hanging man. It is 20:00 in the UK so i do have 2 hours for this confirmation. However if the daily candle today closes as a hanging man which has formed at the end of this 48 hour uptrend I have my eyes set on a definite swing low. Now being conservative you would want to wait for perhaps 4H timeframe closures beneath the wick of the daily candle for a certified entry. My purple daily key level of 81.500 being my First target. Now its important to know your pairs. Majors exotics etc. Me knowing this pair I could take all week to hit this target but you need to adapt trading entire to your own technical and psychological comforts
Throwing into the mix also is a Daily hanging man. It is 20:00 in the UK so i do have 2 hours for this confirmation. However if the daily candle today closes as a hanging man which has formed at the end of this 48 hour uptrend I have my eyes set on a definite swing low. Now being conservative you would want to wait for perhaps 4H timeframe closures beneath the wick of the daily candle for a certified entry. My purple daily key level of 81.500 being my First target. Now its important to know your pairs. Majors exotics etc. Me knowing this pair I could take all week to hit this target but you need to adapt trading entire to your own technical and psychological comforts