( trade in progress) week47 CADJPY D1 bottom of bullflag play for buying oppoturnity

D1

from week to week point of view, price has been rangy although it is slowly floating up.
A flush of 3 weeks low gives an indication that price is still prepared to continue with this gentle uptrend.
This flush is validated by a reasonable bullish day close.

It is also at the bottom of an equidistant channel, the bullflag phenomenon that has time and again been documented in this blog, which is a form of trend continuation.

Initiating a long position will thus be considered lower risk.

week47 CADJPY D1 bullflag formed wr3b 251115

D1 flying Buddha perspective

From mean reversion point of view, this support confluence of f6, ed channel bottom , flush of 3 weeks low,

is furthur validated when a flying buddha day close is registered.
We can see how this tuesday’s bar did not touch the moving average at all. This suggests that a mean reversion is impending, and thus this might provide the propulsion needed for price to move up.

week47 CADJPY D1 flying buddha signal 251115

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