Hi Traders,
I've spotted an easy trading setup for CAD/JPY, The structure of this instrument has beautiful confluences and is also simple enough to take if things play out the way I would like it to. Price has melted since hitting a strong monthly resistance at 107.500, I managed to catch the bulk of the downward move and now I am expecting a pullback seeing that the daily has just hit a support level.
I would like to see price pullback to 106.300 and this is an order block I would like to take, among other things we have a trendline break which also adds to my bias, The structure has also shifted from bearish to bullish and this gives me more confidence. All that awaits now is for price to pull back to the zone.
My Target is at 101.100 which has multiple confluences as well. The target is at support as well as an Orderblock that has not been filled yet. This is also a nice psychological level.
I highly down that Price will continue pushing beyond my stop loss. if anything Price has a higher chance of pulling back and then taking without even hitting my POI. If this happens we will let it happen. There is no need to chase.
Let us see what this week has in store for us.
Renaldo Philander.
I've spotted an easy trading setup for CAD/JPY, The structure of this instrument has beautiful confluences and is also simple enough to take if things play out the way I would like it to. Price has melted since hitting a strong monthly resistance at 107.500, I managed to catch the bulk of the downward move and now I am expecting a pullback seeing that the daily has just hit a support level.
I would like to see price pullback to 106.300 and this is an order block I would like to take, among other things we have a trendline break which also adds to my bias, The structure has also shifted from bearish to bullish and this gives me more confidence. All that awaits now is for price to pull back to the zone.
My Target is at 101.100 which has multiple confluences as well. The target is at support as well as an Orderblock that has not been filled yet. This is also a nice psychological level.
I highly down that Price will continue pushing beyond my stop loss. if anything Price has a higher chance of pulling back and then taking without even hitting my POI. If this happens we will let it happen. There is no need to chase.
Let us see what this week has in store for us.
Renaldo Philander.