CADJPY - buy open, in small draw down still valid for entry.
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you decide to enter.
What is our strategy?
CADJPY is showing a bearish flag.
The long downward trendline is the 'flag pole' leading up to the flag.
In the flag pattern, the price makes higher lows and lower highs to make a 'flag-like' pattern. Eventually, price will break out of this pattern.
The trend before the pattern was created was bearish with a dominant downtrend. It is likely that the price...
Price has broken out of the ascending trend line on the daily time frame and is now respecting a new descending trend line on the lower time frames. If you pay attention closely you will see that price has been stepping down and respecting structure due to JPY strength kicking in. I would like to see one final touch of the descending hourly trend line followed by...
CAD/JPY is testing strong support level, it's likely to move upside from here.
Here is the Setup I am going with.
#164 CAD/JPY Buy Limit ♨️
TP 80.651 (28) —> 80.609 (23.9)
SL 80.271 (-10)
Good luck with this trade!
. There is still a possibility of temporary retracement to suggested resistance line (80.8). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CADJPY is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...