CADJPY Head & Shoulder [Quick Profit]

FX:CADJPY   加元 / 日圓
Hi Trading-folks!

200-EMA (BLUE) - Long Term Trend Filter (LTTF)
100-EMA (ORANGE) - Mid Term Trend Filter (MTTF)
20-EMA (RED) - Short Term Trend Filter (STTF)

Overview of this pair remains bullish as shown on the LTTF of Daily Chart . However, H4 Chart is forming a Head & Shoulder pattern with the confluence of the MTTF of H4 Chart and STTF of Daily Chart , as you can see, price is riding below them on its respective time frame.
If price managed to close below 88.500 on H4 Chart, Head & Shoulder Pattern is formed completely. At the same time, price will be below MTTF of Daily Chart as well.
Target Profit zone at 87.400 - 87.830, right above the LTTF of Daily Chart .

Even though this setup is against the long term trend, I would say it is still a pretty good short term trade to look for, especially there are confluences from different time frame to determine the short term bias.
I wouldn't eliminate the chance of the price to bounce off 88.500 and starts rally. This setup will be voided by then.
I gotta emphasize this point again, overview of this pair remains bullish.
Please be patient and wait for the price to close below 88.500 or MTTF of Daily Chart .

Remember folks,
The stock market is a device for transferring money from the impatient to the patient. – Warren Buffett

Comment below to share your thoughts of this and if you got a better idea, share with me too!

Stay tune!


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