Previously, we opened a long position on CADJPY around 78.550, but closed it around 79.000 as the bulls began to show signs of weakness which was confirmed by a candlestick pattern. For now, we will not be trading this pair until an opportunity presents itself. At present, we will be looking for long positions once price reaches the supportive trendline again. If price does not reach here, or does not show signs of rejection at this zone, we will not open any positions.
Always wait for the market to make a move and then open positions if your strategy is satisfied.
Be sure to follow me for more ideas and analyses. Leave a comment and a like, all input is appreciated.
Best of luck traders!
Always wait for the market to make a move and then open positions if your strategy is satisfied.
Be sure to follow me for more ideas and analyses. Leave a comment and a like, all input is appreciated.
Best of luck traders!