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CAD/JPY Range Box Effect

CAD/JPY has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can see how this price action looks like. Usually when we enter in the territory of a new range boxes the new boxes that will form in the right side of the chart will use the middle of the range box from the left as the top and as the
bottom will use the middle of the box from beneath the price action where most likely there…
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Update 1: Nothing mush has happened since my forecast we have moved inside a very narrow range between big round number 100 acting as support and 101.10 resistance level. Because of the summer trading conditions we should see further range action

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Update 2: We're still inside the range as the market has kept moving between 99.50 support level and 101.00 resistance level. Until we break either of this two side we should expect further consolidation.

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CAD/JPY Range Box Effect.

CAD/JPY has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can see how this price action looks like. Usually when we enter in the territory of a new range boxes the new boxes that will form in the right side of the chart will use the middle of the range box from the left as the top and as the
bottom will use the middle of the box from beneath the price action where most likely there…
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Update 1: Unfortunately it seems we broke above the high of wave IV, the 96.80 level, however the move lacks momentum as it's fading away. If we mange to get a new close inside the range it may prove us it is a "v" shape top.

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Update 2: Right now we're still above our resistance zone of 97.00, however the 99.00 level is a big pivot level which has acted as strong resistance, we need price to stay below that level and a break and close below 97.00 will put the preassure on this pair again

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CAD/JPY Further Upside Movement Expecting

The CAD/JPY currency pair does not form a major pair even though the yen is considered a major currency, but over the past year it has provided many trading opportunities. On the daily chart we can see an ascending triangle chart pattern which conforms with the Elliot Wave requirement of a five wave move. Based on this I see the last deep towards the 92.90 low, labeled E in Figure 1, as the last correction to the downside before the market to resume upwards.
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Update 1. We're having our first confirmation that we're at beginning of new five wave sequence after we broke out the daily triangle pattern, the momentum has accelerate to the upside this is just the first wave and I'm expecting 96.90 to cap this upside movement and have our first retracement and retest the triangle breakout which could be the second wave from where I'm momentum to pick up again and resume the uptrend

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Update 2: CADJPY has broke to the upside following the correlation with the USDJPY. We're just developing wave 3 of this upside leg that started from 92.90. Based on Elliott Wave wave nr 4 should be composed on some kind of a range type price action so in the next days we should expect more consolidation between 95.30-96.40

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Update 3: As expected from my previous update the market has been moving in a tight range and the 97.40 should cap the upside movement. In order for that to hold we need a final spike up into that level and a quick sell off, from where I'm expecting an abc correction

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Update 4: The market seems stuck between a tight range 97.00 resistance level and 95.00 support level and because we are in wave 2 stage which based on Elliot wave it's a slow phase we could see the market staying in this range longer than expected

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Update 5: Although the momentum has started to pick up, the structure of this up wave suggest that is a corrective wave, however the next resistance levels is around 98.00 level from where we should see the momentum turning to the downside, we are not far from our target of 96.20

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