Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
on H4: Left Chart
CADJPY has been overall bullish trading inside the rising channel in orange, however it is currently approaching around the upper trendline.
Moreover, the zone 109.0 is a strong supply. So we will be looking for sell setups on lower timeframes.
on H1: Right Chart
CADJPY formed a valid channel in red but it is not ready to go yet.
For the bears to take over, we need a momentum candle close below the last high marked in gray.
In this case, we will expect a shift in momentum from bullish to bearish.
Meanwhile, until the sell is activated, CADJPY would be overall bullish and can still trade higher inside the resistance.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
on H4: Left Chart
CADJPY has been overall bullish trading inside the rising channel in orange, however it is currently approaching around the upper trendline.
Moreover, the zone 109.0 is a strong supply. So we will be looking for sell setups on lower timeframes.
on H1: Right Chart
CADJPY formed a valid channel in red but it is not ready to go yet.
For the bears to take over, we need a momentum candle close below the last high marked in gray.
In this case, we will expect a shift in momentum from bullish to bearish.
Meanwhile, until the sell is activated, CADJPY would be overall bullish and can still trade higher inside the resistance.
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal