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SMPTrader
Feb 13, 2019 5:34 AM

Possible CAD/JPY Short position!! Short

CAD/JPYOANDA

Description

SMP TRADING
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY

Chart time frame - H4
Timeframe - 1-3 days
Actions on -
A – Activating Event
Market will meet resistance @83.93 level and fall to the @82.4 level. In order to enter, the pair needs to be rejected by the Bollinger Band line....
B – Beliefs
Market move towards the first Target 1 level @ 82.4


FX:CADJPY

Trade Management
Entered @ Sign up for mentoring
Stop Loss @ Sign up for mentoring
Target 1 @ 82.4
Target 2 @ 0.

Risk/Reward @ 4.1

Happy trading :)


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This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Comments
CamrenAC
yes in it!
SMPTrader
@Cam17, Excellent let see what unfolds :)
CamrenAC
@BenWright21, haha glad we did man :) happy trading brother.
gj7rwt
Just looking at the 4hr chart I see we could possibly have a bearish engulfing candle in the next 30 minutes, combined with an rsi that's overbought. Could be an excellent shorting opportunity. Thanks for highlighting this pair :-)
SMPTrader
@gj7rwt, Thanks for your comment :) You just never know with trading and thats the wonderful thing about it.We just have to ensure we follow our trading rules/plan and thats all there is to it.

On double tops the second top normally pushes higher. If the CAD pushes and holds above the resistance line i will be on the sidelines :)
SMPTrader
@BenWright21, I still feel that the CAD will push at least up to the resistance line
MoneyballAustin
im short bias that cadjpy right now because we are sitting in daily supply right now.
SMPTrader
@MoneyballAustin, Time will tell :) Happy Trading
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