FX.co ★ raynor.cornelius | CAD/JPY

Hello everyone! Let's analyze CADJPY on the H1 timeframe. The key tool in my trading strategy is the Parabolic indicator, currently at a price of 107.76. The candle closing price is 107.34. The price is moving away from the Parabolic indicator downwards, hinting at potential sales. When the price dives below the Parabolic, it signals selling opportunities. The final decision in my trading is guided by the Moving Average. If it confirms the Parabolic, I enter the market. Currently, the average is at 107.46. This is a gift — the Moving Average has crossed the closing price, indicating a potential sell for this currency. If the Parabolic reverses in the next switch, it cancels our trade, and I will need to close the open position. The daily chart also looks promising, but the setups are long and tedious. Analyzing the daily timeframe prices: candle closing at 107.75, Parabolic indicator at 108.51, MA indicator at 107.84. Both the Parabolic and Moving Average indicators are above the Close price, hence we sell based on the hourly signals.