CADJPY | How do I catch moves like this?
Taking a look at 2 opportunities on CadJpy. First we have a daily demand zone that was broken but never retested. We got a deceleration in price as well as a bit of consolidation that gave us a push back towards the 82 handle. Our overall zone was found on the daily and a cleaner more precise zone was found on the 4H timeframe. Once again we are looking for the retest. (RED arrow) Price retests on the 4H twice and a third attempt coming just short of the zone. For this opportunity risk was 16 pips and reward was roughly 100 pips.
Now to the second opportunity, we see price print a bullish engulfing candle on the daily. (BLUE arrow) Moving swiftly to the 4H timeframe, we get some bullish market flow in here. Buyers successfully breach 4H resistance and shallowly flow back to the breached area. Since we broke resistance and got a daily bullish engulfing candle, we are looking for buys. There is plenty more bullish confluence if you further investigate the 4H and the Daily. For this opportunity risk was around 10 pips and reward was nearly 70 pips. Target was a 4H wick/4H resistance.
We see in both cases, our setups are yielding greater than 1:3 Risk/Reward which is where we want to be no matter what.
For more information, PM me.
Now to the second opportunity, we see price print a bullish engulfing candle on the daily. (BLUE arrow) Moving swiftly to the 4H timeframe, we get some bullish market flow in here. Buyers successfully breach 4H resistance and shallowly flow back to the breached area. Since we broke resistance and got a daily bullish engulfing candle, we are looking for buys. There is plenty more bullish confluence if you further investigate the 4H and the Daily. For this opportunity risk was around 10 pips and reward was nearly 70 pips. Target was a 4H wick/4H resistance.
We see in both cases, our setups are yielding greater than 1:3 Risk/Reward which is where we want to be no matter what.
For more information, PM me.