AdamFx42's Blog

Avatar

CAD/JPY retracement should be held at trendline

Cad/Jpy is retracing after almost hitting 100
The natural retracement level before another move up would be 61.8% fibonacci retracement
and there is a good chance this will hold the price from moving down further
because the pair has fallen back within a weekly bullish channel
and the lower border of this channel is now trendline support again, and lies around the same level
as the fibonacci retracement of 61.8% - this combination should act as a strong support for the pair
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
AdamFx42 avatar
AdamFx42 19 oct

Pair has fallen sharply, and pierced lower border of weekly trendline and retraced to almost 100% fibonacci retracement of the last move up - a big bounce has brought the pair back in weekly channel though,
and price should remain here, and follow its upmove now

AdamFx42 avatar
AdamFx42 30 oct

price has moved back up sharply and is well above target now
need retracement down again

oupour laisser des commentaires
Avatar

Bullish Engulfing candle pattern fails in CAD/JPY

On the weekly chart of Cad/Jpy we can clearly see a failure of a bullish engulfing candle;
this means that price action will probably not lead this pair any higher
and we need to focus our attention to the downside for targets:
Cad/Jpy weekly chart
If we now go to the daily chart, we get a clearer picture of what is happening:
we can see that the failure of forming the bullish engulfing candle pattern
is because of downward pressure on the pair during last week,
this price action should lead to …
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
AdamFx42 avatar

Price did move higher - it is a long way down now, I don't see my prediction holding up,
the bullish engulfing candle did work even if it was not completed

oupour laisser des commentaires