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IvanLabrie
20 Apr 2015 pukul 05.50

CADJPY: Update Singkat

Canadian Dollar/Japanese YenFXCM

Huraian

Seems like this pair will offer a perfect short opportunity anytime now.
As depicted in the chart, we can see that price reached a critical resistance level after completing an AB=CD pattern from the low to the sideways correction start and end.

I'll post if I find a good entry opportunity with good risk/reward ratio asap.
If aggressive, you can short now under the low and target the horizontal red dashed line for taking partial profits, but I prefer to wait for a cleaner entry, fine tuning from the 4h and 1h charts.

Keep in mind that Gov. Poloz is speaking tomorrow, in 8hs from now, so the market might wait for that event to increase momentum and turn one directional.

Good luck!

Ivan.

Update:

Seems like the perfect short entry is near:



Taking a small position with a tight stop once time expires.
Komen
IvanLabrie


Waiting for time to expire to take it on the short side again. Got stopped a few times, this should be it.
IvanLabrie
I believe the top is in.

mcpeacocks
I hope so. there is definitely some resilience in this pair!
IvanLabrie


A move under 98.2 would confirm this decline. Either that or one bar under the yellow line until the close.

Pattern traders or EW analysts might observe something else here, a Kiss of Death and a potential expanding diagonal triagonal terminal.

Short term target on chart.
IvanLabrie
Entered short on this pullback.
IvanLabrie
Sold again near the previous mode support.
IvanLabrie


Update.
IvanLabrie
A break of this support would be a considerably bearish event.
Rgmov points to new lows, but the move could have exhausted already.
Watching.
IvanLabrie
C leg out of that huge lateral B wave is about to get completed.
Looking to short, nothing changed, just a matter of timing.
IvanLabrie
1h target 1 reached, last night's hourly short.
Second one not reached.

Sharp reversal at time expiration.



Will look for shorts tonight.
Lebih