Classic 123 or ABC setup on CADJPY!
Firstly price formed nice channel which was broken recently. Also there was a trendline break which even add strenght to the breakout. Now simply wait for price to come back to the (support structure of the channel) which will now become resistance. You can also draw Fibonacci retracment (50 - 61). Wait for reversal candle pattern in that reversal area
There is also chance that price will never come back up because momentum will be too high!
Conservative stops would go above previous swing... Or above entry candle pattern
For take profit you can pick next minor structures, fibonacci extension / projection or even retest of that 123.
Regards
FX Protector
Firstly price formed nice channel which was broken recently. Also there was a trendline break which even add strenght to the breakout. Now simply wait for price to come back to the (support structure of the channel) which will now become resistance. You can also draw Fibonacci retracment (50 - 61). Wait for reversal candle pattern in that reversal area
There is also chance that price will never come back up because momentum will be too high!
Conservative stops would go above previous swing... Or above entry candle pattern
For take profit you can pick next minor structures, fibonacci extension / projection or even retest of that 123.
Regards
FX Protector
Order cancelled:
Trade was never triggered. Momentum was too high!