Evening everyone, managed a 4% short today, with price seeming to be retracing slightly, so now looking for the next wave in the cycle and the next lower high using key fib levels after the most recent lower low being formed for further shorting opportunities.
Will we get a retracement? or will it fall straight from here? lets wait and see what price does.
Will we get a retracement? or will it fall straight from here? lets wait and see what price does.
its always good and best practise to look at the major legs of each currency within the pair for example this post is on a CADJPY Short.
We take the 2 currencies that make up the pair;
Canadian dollar and Japanese Yen
And we look at their respective major pairs
USDCAD and USDJPY
I am also anticipating a USDCAD Long meaning I believe the Canadian Dollar will decrease in value against the US Dollar, lining up with my CADJPY Short.
We could also jump over and look at USDJPY and ideally we would see a USDJPY Short, meaning that the Yen is gaining value against the Dollar, we at the moment actually see USDJPY at a key support level and so will likely move to the upside, giving us a warning on this trade.