CADJPY, Short Opportunity 1:7 with opportunities to add on.Good morning ladies & gents,
Great day to be engaging in CJ today. We have high impact CAD news @ 1:30pm and 11:30pm BST.
This means what? It means that CAD will be an extremely volatile pair today and also the most highly manipulated one also.
I'm interesting in taking this long, the first TP is where all retail sell's stop losses are placed. After breaking out of the channel & retesting it, they're all short from the retest with a stop above or at breakeven.
This is a high volume area that makes an easy spot for TP IF CJ moves higher.
2nd TP is the High of the D1 Trading Range.
Final TP is the Monthly Equal Highs, again - an area where a ton of retailers will have buy stops, so it makes it an easy place for me to get out of my buys @ the bottom as I've got retail orders to pair with at the top.
Let's see how the day pans out.
Trade small & always manage risk. I've got alternative scenarios that I know can play out if price breaks the H4 Lows & hits my stop loss. I'm prepared to switch my bias on CJ and look for shorts with predetermined objectives in mind. Hence, you should trade with respect to the markets & be flexible w/ your expectations.
Good luck.
- AmplaFX
