The CADJPY is moving lower with several ABC patterns within the bearish channel. The ABC in blue might be it which means that we should be selling the break lower. On the 4 hour time frame we might see a potential buy trade first.
Nice, but the potential buy on the 4 hour time frame is targeting the channel upper trendline " as your arrows show " and it may reverse before testing this trendline because it is not a must for all the legs in the channel to test channel trendlines . It may get very close to trendline and reverse just before testing it . So trendlines are not so reliable when coming to putting targets . I think fibs are more efficient . Any clarification will be highly appreciated if I am wrong .
Thanks for sharing such great ideas .
TimStuyts
⋅
Sorry to clarify for the new followers, all trend lines are only indication of structure and therefore possible target zones for test-retest. However I trade structure at all times 'impulse-correction-impulse' and base target on strong confluence zones but in that case I show that in the chart. You can use any strategy that you prefer for targets etc. I will teach mine later on in a course and website, now and then I give a top down analysis and trade plan on Tradingview. I think my EURGBP call was a perfect example of a very detailed set up, however for CADJPY we need a little more data to draw comparable conclusions.
Thanks for sharing such great ideas .