Short

Short CADJPY

Updated

The market could potentially move to the 77 psychological zone which has area of imbalance then would show instant reaction to the upside and drop further. 4:1 risk ratio can be potentially extended to taking into consideration retracements. Take this with precaution as the trade can drag into the weekend. I often keep my stop very close to my entry, maximum 20 pips drawdown.

Trade active

I have already taken partials with 1 lot size, not many pips but this would be my last trade on this pair until there are signs of breakout to the upside (improbable) or to the downside

Comment

To take advantage of the breakout, I will be using wyckoff trading strategy to find possible entries.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.