A SurpriseBox near the 800 sma, 100 sma and the 200 sma had been formed on the CAD/JPY one hour chart. This box broke to the downside and presently on a recoil. A short trade position was started. Target is the 81.75 area corresponding to recent low. Reasonable stops may be the 82.50 area or if more agressive, the 83.00 area.
Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Not intended necessarily as trading recommendations.
