CADJPY, Continuation to Monthly Highs & Beyond

FX:CADJPY   Canadian Dollar / Japanese Yen
Good morning ladies & gents ,

This is an area of inflection I've been eye'ing up since Saturday morning.

An entry off the H4 Chart is available, although I'll personally be looking for a lower time frame entry as a way to mitigate risk & increase risk to reward ratio.

After a significant retracement and multiple respect of the retail trendline, I'd imagine that these areas above act as a great take profit areas for this long position.

I'll be looking to scale out some profit at each objective.

Should this level not hold and breaks to the downside, I'll be looking in my secondary & tertiary buy zones for the reversal that will take place.

Disclaimer: This is my idea, the entry specified on the chart may or may not reflect my personal entry. Take this trade at your own risk & discretion. Always remember to manage your risk well.

Comment: Scrapping this idea for now. Will consider something next week. Will make a thread to continue off this.

Target remains intact, just an adjustment to the entry is necessary.

Will wait till NFP next week before I engage with this - most likely.
Trade active: Nailed a nice position on Friday London Open. Holding it to the Monthly Highs now.


I’d keep an eye out of the 4H OB, longs from there in my opinion
+1 Reply
@tomotway Indeed! Me too. But with NFP coming up I'll hold back till Mon/Tues next week :)