I see a potential opportunity for a long position on CADJPY. On the D1 timeframe, the November 1st candle has closed as a bullish engulfing candle demonstrating a clear rejection of the 0 Fibonacci level. On the H4 timeframe the origins of this bullish wave can be traced to the railroad tracks indicated by the blue arrow.
My entry is a limit order placed just a few pips below the 0.236 level that I expect price to re-test and confirm as valid support. The stop loss is below the low of the November 1st D1 candle, and the target is a few pips below the 0.5 level.
My entry is a limit order placed just a few pips below the 0.236 level that I expect price to re-test and confirm as valid support. The stop loss is below the low of the November 1st D1 candle, and the target is a few pips below the 0.5 level.
Trade active:
Deciding to split this trade into two positions. Keeping the original buy-limit order, but also taking a buy order at market price.
Price action printing on the chart might be suggesting that we might not see a retrace to the 0.236 level.
Price action printing on the chart might be suggesting that we might not see a retrace to the 0.236 level.
Trade closed: target reached:
Target smashed