( +15) week32 CADJPY short on multi day bearish close , pending WR6B

Nikkei D1

Nikkei Day chart suggests Wr6B is completed, and currently restesting the resistance for short continuation. I will have to look for JPY X to short.

week32 Nikkei d1 wr6b bearish engulfing 030814

CADJPY D1

CADJPY Day chart came to my mind as it has a wr6b which I have been targeting for abt 3 months.

With current bearish h1 momentum, I am looking to see if I can hit a jackpot shorting on this WR.

week32 CADJPY D1 chart 040814

h1

My belief that there is strong bearish h1 momentum to overcome this cluster of d1 support is because of a bearish expansion below 5 days flat low. Similarly, if there was a strong close above this 5 days low, then it is a strong WR and also signal for me to get out.

week32 CADJPY h1 bearish expansion below 5 days low 040814

m5

Finally the trigger for me. I am using the sell low buy lowest strategy to get in at a fib retracement of friday’s expansion. I will strategize on the TP once price moves my way, otherwise as of now what i need to worry on will be about how to SL if trade doesnt go my way.

week32 CADJPY m5 sell low buy lower 040814

edited 060814

took early profits of 15 pips but price direction was eventually right.
Do not be afraid, just because of an upsize, or just because the trade was executed on a monday.

https://www.tradingview.com/x/jOrwBO26

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