CADJPY Fail on Making new low (Daily Chart)
Updated
While JPY pair usually moving to same direction, I see this pair as one of pair to trade.
Reason:
1: Correction phase due to finished (daily chart)
2: Market seems making confirmation after that double bottom formation, new low was not formed and aggressively reversed
3. Market currently above EMA on 1 HR chart
When we see double bottom on daily chart, I only look to buy dips until violation on that double bottom occur.
Best price to BUY is when we see a resistant turn to support, usually we will see 1 ideal formation each week, when its giving opportunity, we can get a trade with nice risk reward, sometimes 1:6 risk reward on Hourly chart.
So, rather than trying to hit as many opportunity as possible, we should look to become sniper.
This pair might move thousand of pips upward but as a day trader, we want to have manageable stop loss.
Other option is to start with one position then add when market move strongly then retraced to give us another entry, given that the first trade set up is never violated by the second opportunity.
Good for next week
Reason:
1: Correction phase due to finished (daily chart)
2: Market seems making confirmation after that double bottom formation, new low was not formed and aggressively reversed
3. Market currently above EMA on 1 HR chart
When we see double bottom on daily chart, I only look to buy dips until violation on that double bottom occur.
Best price to BUY is when we see a resistant turn to support, usually we will see 1 ideal formation each week, when its giving opportunity, we can get a trade with nice risk reward, sometimes 1:6 risk reward on Hourly chart.
So, rather than trying to hit as many opportunity as possible, we should look to become sniper.
This pair might move thousand of pips upward but as a day trader, we want to have manageable stop loss.
Other option is to start with one position then add when market move strongly then retraced to give us another entry, given that the first trade set up is never violated by the second opportunity.
Good for next week
Trade active
That is my first entry on this pair after market open
Note
market reacted as expected, enjoy
Trade closed manually
take what I can get as market reversed
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