CAD/JPY Long Trade Idea 2019-10-06

6 Okt 2019

Current price is low on the curve and may retrace into a previous demand zone. The zone is from 80.164 to 80.045 and is formed on the idea of inside candles. The 4 candles in the base are all inside candles. The zone has been pierced but there was more buying pressure on that candle so we can expect price to come back in and find more buy orders. Targets are based on previous wick levels where price came down to but was forced out by buyers. The entry for this idea is 80.164 but a confirmation entry would be the highest probability entry. Wait for price to enter the zone and then when a candle closes with a Rally/Base/Rally formation on the 5, do a market entry. The Stop is close but based on the nearest pivot low on the H4 Chart. T1 is a 1.4:1 profit potential and T2 is a 5:1 profit potential.

7 Okt 2019

Catatan

1pm EST The trade is currently working. Price came back down deep into the zone, based for a while and is now nearing the first target. The stop would not have been triggered. Price barely crossed the Distal Line of the zone.