Trade Idea: CADJPY Is Breaking Into Lower Ground With Free Space!
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: CADJPY Is Breaking Into Lower Ground With Free Space!
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bearish
Key Levels: Breaking key level of support 80.92 and further below next support at the 76.62 level.
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The CADJPY has been in a bearish trend, with a second attempt at breaking the key level of support today.
With a strong bearish bias that remains intact, I will be watching this pair next week with some interest.
Potential Trade Idea:
I am considering selling this pair if price closes below the key level 80.92 and gives a test from below as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.
This setup has plenty of free space, giving the trade idea room to head lower for a very good risk to reward.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
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