Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us


Grab your $30 from XM

Currency
by Seth Parker on December 11th, 2018

CADJPY – That looks like a good sell

Sometimes you win, sometimes you lose. On this portal, we usually win, almost always actually. There are some times however, when we are wrong. Time to deal with one of those analysis – CADPY from the beginning of October. Back in that day, we were positive about this instrument saying this:

“As for now, the buy signal is on. The potential target is on the orange resistance and chances that we will get there are very high. Positive sentiment will be denied, when the price will break the green support, which in current situation is very unlikely. „

cadjpy chart

The price did not go much higher. Almost straight after that, we got a decline. The most recent development here is the flag pattern (red lines). CADJPY managed t break the lower line of this formation, which technically triggered a sell signal. In addition to this, we broke the green horizontal support and we successfully used that as a resistance. With all this, the sell signal is ON. The negative approach will be canceled, when the price will come back above the green area, which currently seems not very probable.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

More content by Seth Parker

Comments (0 comment(s))