Potential short setup on CADJPY as we approach 81.6 key resistance 7:1 reward risk ratio.
Would be nice to see a rejection of this level which will validate the opportunity down to my target of .79
Sometimes it does not make sense to wait for confirmation as you would have to enter the trade at a lower price thus decreasing the RR ratio.
We may just break straight through this level but I am edging my positions that the bullish weekly close could be a bit of a trap to entice buyers into the market before dumping back down to make a new recent low.
Would be nice to see a rejection of this level which will validate the opportunity down to my target of .79
Sometimes it does not make sense to wait for confirmation as you would have to enter the trade at a lower price thus decreasing the RR ratio.
We may just break straight through this level but I am edging my positions that the bullish weekly close could be a bit of a trap to entice buyers into the market before dumping back down to make a new recent low.
Order cancelled:
Did not take this trade - invalid setup