CADJPY: Perfect Example of a Structure Based TCT Opportunity
Updated
Not a pair that’s in my trading portfolio but I have no doubt that this will be on Jason Stapleton’s radar during this morning Warroom meeting. This is a simple Trend Continuation Trade (TCT) setup on the CADJPY as we look to get long at our current level of structure support.
WHAT I’M LOOKING AT
Price action has just broken a resistance level and has retraced back to structure for the second time. The current structure shelf allows you a nice area to get involved with minimum risk, while our previous structure highs look to be a good area to do some profit taking. The only question is “how do I get involved?” Well that parts up to you and your trading plan. An aggressive trade can simply buy it up at market, while a more conservative trader may need to go down to a lower timeframe and wait for confirmation at that level. Either way I think it’s a great example of the type of trades that I look for when searching for TCT type setups. Just do me a favor, make sure you follow your rules, because you saw what happened to me when I didn't ( youtube.com/watch?v=elDeCm-mpro )
Akil Stokes
Chief Currency Analyst at Trade Empowered
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youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
WHAT I’M LOOKING AT
Price action has just broken a resistance level and has retraced back to structure for the second time. The current structure shelf allows you a nice area to get involved with minimum risk, while our previous structure highs look to be a good area to do some profit taking. The only question is “how do I get involved?” Well that parts up to you and your trading plan. An aggressive trade can simply buy it up at market, while a more conservative trader may need to go down to a lower timeframe and wait for confirmation at that level. Either way I think it’s a great example of the type of trades that I look for when searching for TCT type setups. Just do me a favor, make sure you follow your rules, because you saw what happened to me when I didn't ( youtube.com/watch?v=elDeCm-mpro )
Akil Stokes
Chief Currency Analyst at Trade Empowered
Click here for 20+ hours of FREE Training
tradeempowered.com/learn-to-trade/
Click the link below to subscribe for more FOREX TRADING videos
youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
Trade closed: target reached
Hey guys, I'll be showing the (recorded) live analysis of this trade setup in tomorrow's video. But we achieved our initial targets yesterday and stops have been rolled to breakeven. We ended up taking a slightly different approach to this trade then what was originally showed in the chart above. Again, check for it tomorrow youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1Comment
Just uploaded a video of the live analysis that we did on this pair, including why we changed our idea about where to take initial targets "There are typically two things that hold a trader back from seeing success. Lack of a solid trading plan & the inability to follow that plan. In this week’s Forex Trading video we not only discuss these topics, but we also walk through a live trading opportunity and go over a trading technique that can help cut down on your losses." youtube.com/watch?v=3S1wenENILI
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