Waiting for CADJPY 3rd bounce...
I am currently watching CADJPY and am waiting patiently for price to come down for its 3rd bounce on the ascending trend line before looking for longs with massive amount of room to the upside.
I have 3 areas which I will be looking for that confirmation:
First @~81.70 where price meets a weekly key level, the daily 50 EMA and 50% fib retracement. But after the weekly bearish engulfing I believe we could get a lower entry.
Next @~81.25 (my preferred entry) where the 61.8% fib retracement is, also the EQ of my daily order block, where I will be looking to snipe my entry.
Lastly @~80.65 which is a huge weekly resistance that lines up perfectly with 78.6% fib. This would provide us with the best R:R and highest pip count.
My first target is the 1.27 fib extension and the next would be the 1.618 ext./ weekly descending TL ( where ill be looking for shorts)
I have 3 areas which I will be looking for that confirmation:
First @~81.70 where price meets a weekly key level, the daily 50 EMA and 50% fib retracement. But after the weekly bearish engulfing I believe we could get a lower entry.
Next @~81.25 (my preferred entry) where the 61.8% fib retracement is, also the EQ of my daily order block, where I will be looking to snipe my entry.
Lastly @~80.65 which is a huge weekly resistance that lines up perfectly with 78.6% fib. This would provide us with the best R:R and highest pip count.
My first target is the 1.27 fib extension and the next would be the 1.618 ext./ weekly descending TL ( where ill be looking for shorts)
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