Really getting a slow start to 2019 as I got stopped out on my long EURCAD, giving me a total of 0/4 so far this year.
With brexit vote today I'm staying away from all GBP pairs and will only focus on CADJPY which might give me a nice buying opportunity : price has been getting back inside the previous monthly support level and is now compression on the daily and H4, where I'll be looking to buy a break of the compression to the upside. First potential target at a previous daily level of support/resistance (the purple line) but will take my first profits out earlier if rules regarding "slowing down" of price are met before we reach that zone.
Good luck in the markets this week!
With brexit vote today I'm staying away from all GBP pairs and will only focus on CADJPY which might give me a nice buying opportunity : price has been getting back inside the previous monthly support level and is now compression on the daily and H4, where I'll be looking to buy a break of the compression to the upside. First potential target at a previous daily level of support/resistance (the purple line) but will take my first profits out earlier if rules regarding "slowing down" of price are met before we reach that zone.
Good luck in the markets this week!
Trade active:
Rules met for a buy on the H4.
T1 @ 83,6
T2 @ 86,00
T3 : trailed stop on the daily if T1 & T2 gets hit
T1 @ 83,6
T2 @ 86,00
T3 : trailed stop on the daily if T1 & T2 gets hit
Trade closed manually:
Took the trade on my phone, but analyzing price action again later on yesterday on the PC it was not a valid entry signal. Closed manually at -48 pips
