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CADJPY Trade Setup (Dec 16)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-12-16_21-30-12-CJ1

I don’t mean to suggest any trades today, before FOMC.

But this chart (below) looks like typical Short setup for me.  So I cannot stop sharing this.

2015-12-16_21-30-12-CJ1

CADJPY has been dropping for almost 2 weeks, and we see the first major pullback now, touching 21EMA and seems to be rejected a little bit.

Stochastic is also turning down, though it is still above 75%.

If today were not FOMC day, I would definitely consider shorting this pair.

The trigger would be…

wait for Lower Low (and the break of DPP) on M15 chart.   Then I would sell from the retest of DPP.

2015-12-16_21-32-08-CJ2

 

But…  I am not recommending  you to trade today, and I will not trade this.

 

I simply thuoght it may be a good practice for your analysis.

 

Hope this helps.

 

YJ Baik – Forex.Today @ Tokyo

 

 

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2 comments on “CADJPY Trade Setup (Dec 16)”

  1. Profile photo of Artem
        December 16, 2015

    Thank you YJ

    1. Profile photo of YJ Baik - Forex.Today
          December 17, 2015

      Thx Artem!

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