CAD/JPY(4H Chart): A PERFECT SELL SETUP.ð
Chart Breakdownð
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DR.Swing_Forex
- Daily Timeframe
We have a new trend forming, a downtrend, as price intersected the previous HL of the uptrend.
- 4Hour Timeframe
We have an uptrend but like the daily timeframe, price breached the uptrends previous HL which signals the beginning of a downtrend.
Price is forming a break and re-test setup on the uptrend trendline whereby I'm waiting to enter sells upon confirmation. Confirmation
will occur when price retests the trendline and forms a bearish reversal candlestick to confirm entries.
- 1Hour Timeframe
We have a downtrend on this timeframe further giving us reason to go bearish.
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DR.Swing_Forex