KaKeungChoi
Long

CADJPY-Direction Forecast with S/R Trading Zones

FX_IDC:CADJPY   Canadian Dollar/Japanese Yen
105 2 1
CADJPY-Direction Forecast with S/R Trading Zones

Price has reached a strong rebound levels and started the rebound on the 26th Sept. price has climb above the 50 days MA a good sign for upper side, follow the structure of the S/R zones and enter long trades on every correction at the support zones then profit take at the resist zones.

This is JPY pairs JPY has been strong for a long while and could continues the power, but it has gathered too much sell trades for this pair along the way, therefore, works much need to do to shake off the sellers. so do expect sudden moves from the elites, as sharp ups and downs to shake off traders are necessary.


Trading the S/R Zones

Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone .
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.
Price climb and reached the target resist zone and retreated for a small correction.
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price is moving towards the resist zone as expected.
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