1) Head and Shoulders Formation - see photo.
2) Jpy weakness
3) Oil strength.
4) trendline break and retracing
5) algo trendline indicates likely uptrend + h1 and h4 synchronous.
Strategy; transit from h1 timeframe to h4 timeframe. Shift stops according to algo in h4.
Exit upon cross or hit target.
Risk reward approx 1:3 currently.
05102016
Shifted stop loss to breakeven.
Pair seems to be going nowhere.
In the assumption that the market is a down, yen is likely to strengthen. Traders would likely take oil profits at 50 dollars, thus cadjpy rally might not hold.
I'll be just letting this one go.
_________________________________________________________________________________
Big mistake for CAD JPY - I sold it off at a small profit. CADJPY proceeded to make new highs.
Note to self:
Let the pair run.
Please consider carefully what mentor advises. Do not follow blindly.
Mentor's remarks - if following trades blindly - would not have the emotional capacity to follow thru unless properly researched.
No comments:
Post a Comment