CADJPY, FOOD FOR THOUGHT ON A SHORT
HELLO ALL,
CADJPY IS CURRENTLY SITTING ABOVE THE RSI ON THE 4HR CHART. PREVIOUSLY, THE PAIR RETRACED TO A .618 FIB TO ABOUT 79.19 AND IS CURRENTLY AT THE 80.30 AREA. AS YOU CAN SEE ON THE CHART, THIS PAIR HAS HAD GOOD RETRACES OFF OF OVER AND UNDER RSI'S ON 4HR CHART. THE FIB THAT IS DEMONSTRATED IN THIS CHART IS FROM THE PREVIOUS RETRACE. AS EXPLAINED ON THE CALL OUT, WAIT TO SEE IF BEARISH ENGULFING CANDLE PRESENT ITSELF FOR A POSSIBLE RETRACE ON THE OVERBOUGHT RSI.
IF THE BEARISH CANDLE DOES PRESENT ITSELF, USE FIB TO GUIDE YOU ON YOUR SHORT WITH A GOOD INDICATION FOR YOUR TP AND SL. IF THE PAIR KEEPS MOVING HIGHER, JUST BE PATIENT AND LOOK FOR A BETTER ENTRANCE USING THE SAME INFO.
GOOD LUCK TO EVERYONE, GIVE A THUMBS UP IF YOU LIKE AND AS ALWAYS COMMENTS ARE WELCOME, THANK YOU ALL!
CADJPY IS CURRENTLY SITTING ABOVE THE RSI ON THE 4HR CHART. PREVIOUSLY, THE PAIR RETRACED TO A .618 FIB TO ABOUT 79.19 AND IS CURRENTLY AT THE 80.30 AREA. AS YOU CAN SEE ON THE CHART, THIS PAIR HAS HAD GOOD RETRACES OFF OF OVER AND UNDER RSI'S ON 4HR CHART. THE FIB THAT IS DEMONSTRATED IN THIS CHART IS FROM THE PREVIOUS RETRACE. AS EXPLAINED ON THE CALL OUT, WAIT TO SEE IF BEARISH ENGULFING CANDLE PRESENT ITSELF FOR A POSSIBLE RETRACE ON THE OVERBOUGHT RSI.
IF THE BEARISH CANDLE DOES PRESENT ITSELF, USE FIB TO GUIDE YOU ON YOUR SHORT WITH A GOOD INDICATION FOR YOUR TP AND SL. IF THE PAIR KEEPS MOVING HIGHER, JUST BE PATIENT AND LOOK FOR A BETTER ENTRANCE USING THE SAME INFO.
GOOD LUCK TO EVERYONE, GIVE A THUMBS UP IF YOU LIKE AND AS ALWAYS COMMENTS ARE WELCOME, THANK YOU ALL!
