There could be an interesting opportunity with a possible 1 to 4 risk : reward ratio on a long CADJPY trade. While the pair is clearly ranging, price has bounced off resistance and printed a bullish engulfing candle. I will try to get a better entry betting on a retracement and aim for the other side of the range with a stop below recent low.
Two trade signals this morning.
Another signal, going long CADJPY, good R:R prospect.
The short trade on CADJPY is looking good, we are targeting the support area and stop has been trailed to B/E.
Taking a quick short CADJPY on my Price Action account. The pair has retraced on above resistance. Good risk : reward ratio above 2.
As with most of my trades these past weeks, there was a violent retrace stopping me at break-even on CADJPY
Long signal on CADJPY this morning. Stop at last fractal, T/P placed at a strong resistance level above, which is actually a Kumo top if you look at the graph in Daily timeframe.
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