CADJPY H1 LONG SETUP

Hello traders, this my trade plan for this pair. Price has printed a double bottom, followed by a higher high and a higher low, where the price is currently situated. Bulls will look to buy the retracement of the role reversal support which was previous resistance and look to push the price to the upside. The blue and red moving averages are simply there to show the direction of the trend if the red moving average is above the blue moving average that means technically the market is bullish. This works vice versa for a bearish market. WTICrude also seems to be trading to the upside, so if it continues heading north than it could possibly strengthen CAD and we could see this pair go up.

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This plan failed as the price fell past the buy zone I identified. I still will look for opportunities to buy because the price has not fallen past the double bottom.