CADJPY Inside Bar
The CADJPY has formed an Inside Bar (IB) on the daily chart. Over the last few months we have made many posts about the strong trend that has been in place on most of the JPY pairs. This trend higher has been in full flight and other than a few pauses, it has been unstoppable We got so many questions from traders about this trend we decided on making a tutorial on trend trading which you can find here: Trend Trading Forex
Price on the daily chart of the CADJPY on the last three days has been winding up tighter and tighter. On the chart below you will see the last three days have all been inside bars, each with smaller candle highs and lows than the previous candles. The longer the winding up goes on and price tightens up for, normally the bigger the break out is when the break occurs.
Traders who play inside bar break outs should have this chart on their watch list a and be watching the up-coming price action.
USDCHF Pin Bar Recap
In yesterdays post we posted about the very large Pin Bar on the USDCHF. To read that post see here: USDCHF Pin Bar. After forming the Pin Bar, price did come off and move lower for the traders who entered into the Pin Bar setup. Price moved lower into support where support was found and bulls entered the market. Price found it’s match and at the support level bounced higher to close back closer to where it started the day.
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