CADJPY (Daily) LONG IDEA: Following the ASCENDING CHANNEL
Mis à jour
POTENTIAL PROFIT: UP TO 150 PIPS
TECHNICAL ANALYSIS:
-Since the beginning of May the price started a strong uptrend until it reached the resistance zone at about 81.708.
During that period, the price was following a low volatility channel and the momentum was slowly increasing, a clear sign of upcoming expansion.
-The main resistance rejected the price, and it started a small period of consolidation before trying again to reach and break the resistance zone.
-The price was rejected again and it bounced on the the main support level at about 78.209, starting a clear ascending channel, still keeping the price between the main resistance and support zone.
CONCLUSION:
The price is clearly following an ascending channel, bouncing constantly on the trendline support; The price is oversold and getting slowly more strenght, probably enought to reach one more time the resistance zone.
I actually have a long position with my take profit at 81.790, I'll probably move the TP if the price will break the resistance with a strong market and no sign of inversion.
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Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
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Trade Safe,
Gianni
TECHNICAL ANALYSIS:
-Since the beginning of May the price started a strong uptrend until it reached the resistance zone at about 81.708.
During that period, the price was following a low volatility channel and the momentum was slowly increasing, a clear sign of upcoming expansion.
-The main resistance rejected the price, and it started a small period of consolidation before trying again to reach and break the resistance zone.
-The price was rejected again and it bounced on the the main support level at about 78.209, starting a clear ascending channel, still keeping the price between the main resistance and support zone.
CONCLUSION:
The price is clearly following an ascending channel, bouncing constantly on the trendline support; The price is oversold and getting slowly more strenght, probably enought to reach one more time the resistance zone.
I actually have a long position with my take profit at 81.790, I'll probably move the TP if the price will break the resistance with a strong market and no sign of inversion.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
Trade fermée: cible de profit atteinte
We close this lovely trade with 110 pips!Stay tuned for updates!
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