Candlestick Tip-Off

Good Morning Dynamic Traders!

Having enjoyed almost eight years in an upward trend, the CADJPY has been suffering a sharp tumble since November 2007.
Indeed, indications confirm that price has significant weakness left.

Yet, the daily chart (below) has revealed a bullish dragonfly doji at close of play last Friday, whilst the weekly chart modelled a very confident spinning top.
Price is also at a decidedly extended fib level and should be longing to head back towards the value index.

We may see price retrace towards the figure 90. Look for your confluence of events and if appropriate, use the smaller time frames to confirm a safe entry point.

Recognise that going against the trend requires responsible use of the ESLT.



CADJPY daily chart Advanced Get

Have a nice trading day!

Saba Jackson