In the previous shown CAD/JAP chart , i shown some key resistance levels i m watching before the possible resume of the trend down ,, i m currently confussed with alot of Elliott waves possible counts for this correction and how it ll extend , but i m positive on some facts that i ll use to mannage a trade on that pair this week
the fact that i dont see a high dipper than 86.50 ,, and the fact that i m so positive on a new low coming ,, so ... the plan is
its very common that when the trend touches this channel , it falls down then try to touch it again and then fail and drop ,, so i have seen now some weakness on the retouch of that line so , i m shorting now of 8490 and i ll be adding short if it breaks lower ,, and in case of a move up the channel , i ll add shorts with stops on 8650 ,
i understand that might be a high SL but i m targeting here 80 which is 500 pips lower , so it worth it
ppl might think of hedging this initial position on the break of 8520 till i can pinpoint a top from there ,, i ll keep this blog updated of this first trade