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CAD/JPY Buy Price Action Setup

Posted on Nov 6th, 2014

by colibritrader

Signals

Dear Price Action Traders,

Our Daily Price Action Setup is coming from CAD/JPY. Although this is not the typical buy setup, there are a few factors that make me believe it is a high time for more buyers to join and contribute to the trading profit of the other buyers. There is a bullish engulfing pattern on the Daily chart and yesterday’s candle is one that is indicating indecision. But it is an indecision that looks like “taking a breath” before continuing the up-trend. We are in a major resistance area and that is what drives yesterday’s indecision, but at the same time there are two pieces of news that are about to come out from Japan and Canada in the next trading session that could potentially give the necessary thrust for this pair to firmly break the resistance area and continue its bullish trend. An entry point could be the current price and also the level of 100.40 if the price retraces back. Stops should be placed under the level of 99.70. Targets could be 102-105 and much more above depending on the price action.

Happy Trading,

Colibri Trader

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