Bearish engulfing pattern on a downtrend line for CADJPY.
Last week, JPY has been one of the weakest currencies, while CAD has been one of the strongest. In terms of market action, I normally would wait for a confirmation, since buyers have been very strong.
The opportunity offered by the risk to reward ratio (up to 1:10!) that we can get, leads me to take this trade on the bearish engulfing pattern on the key-level, without waiting for a second confirmation.
I'm planning to take part of the profits on each potential level of support highlighted by the pink rectangles.
Good luck!
Last week, JPY has been one of the weakest currencies, while CAD has been one of the strongest. In terms of market action, I normally would wait for a confirmation, since buyers have been very strong.
The opportunity offered by the risk to reward ratio (up to 1:10!) that we can get, leads me to take this trade on the bearish engulfing pattern on the key-level, without waiting for a second confirmation.
I'm planning to take part of the profits on each potential level of support highlighted by the pink rectangles.
Good luck!
Trade closed: stop reached
Unfortunaly, the market continued to trend up. It was worth a try with this amazing risk to reward ratio.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Find out more at itstradingtime.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.