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Trade_Rocket_Investments

CAD/JPY Trade Explained - 1/8 Risk Reward

Long
Canadian Dollar / Japanese Yen (FX:CADJPY)  
Trade_Rocket_Investments  
FX:CADJPY   Canadian Dollar / Japanese Yen
Trend Analysis Chart Patterns Fundamental Analysis trading trader traderlifestyle currencytrading Technical Analysis fundamental-analysis money moneymanagement
3
0
trendanalysis chartpattern fundamental trading trader traderlifestyle currencytrading technicalanalysis fundamental-analysis money moneymanagement
The CAD has been continuously strong the past few weeks and the JPY has been continuously weak, so we was looking for an opportunity to capitalise on this. because of the fundamental difference we was looking for a long trade with a tight stop loss as we haven't been seeing much exhaustion on this currency and yesterday morning at the London open we saw our opportunity, we saw a full and complete exhaustion to previous area of resistance which is now support, double confirmation on the 15 m timeframe and a bullish engulfing candle on the 1h timeframe. after only a few hours of being in the trade we was able to move our stop loss to entry to give us now a risk free trade that we will manage all the wat to our monthly zone, giving us a risk to reward of 1-8
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