Happy New Year! The second trade I will be taking this year will be a sell for CADJPY. Anything could happen during this NFP Week but here is what I am looking at:
- The most recent candle has rejected the previous supply area - The momentum indicator is facing down - The slow line (orange) is above the fast line (blue) on the stochastic
Additional confirmations to look for: - Wait for the stochastic to cross below 80 - Wait for the momentum indicator to be negative - Wait for break of structure on the downside
TP will be set at 100 and 200 pips from SELL LIMIT entry!
It is still NFP week so remember to check the new and only enter a trade if it makes sense to you.
Peace and Profits, Cha
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This trade is developing so nicely if you stayed in or re-entered!