The Canadian Dollar Japanese Yen.
Good afternoon Dynamic Traders,
I hope you all have had a good weekend and are ready for the coming week of trading.
Today I am going to be looking at a possible short trade or continuation on the lower timeframe for the CADJPY, when the markets open.
The RSI indicator here is showing divergence in OB territory with a good spinning top candle for the last bar.
I am wanting to take an aggressive stance on the lower timeframe with a short in mind whilst being aware that the higher timeframe has broke previous resistance but with divergences on MACD, which could transpire to be a 'P & D' but the V.I. is not too far north.
Whilst I am trading off the lower timeframes I shall manage this position well with tight parameters if it does get triggered by my final confluences coming into play, if not I shall then be re analysing to see if the daily is going to be worth a punt.
Charts courtesy of AdvancedGet.
Have fun and enjoy your trading.