CADJPY - Long Bias after fakeout
Updated
Hi traders
here is my take on the CADJPY. Price broke the support area with what turned out to be a fake-out and bounced back into the range. I highlighted the support area with a transparent box.
If price breaks the resistance area (black) I will consider buying on the re-test with a minimum 1:2 RR. Trade will go breakeven after 1R is reached.
Let me know what you think in the comments below :)
here is my take on the CADJPY. Price broke the support area with what turned out to be a fake-out and bounced back into the range. I highlighted the support area with a transparent box.
If price breaks the resistance area (black) I will consider buying on the re-test with a minimum 1:2 RR. Trade will go breakeven after 1R is reached.
Let me know what you think in the comments below :)
Note
Buy limit at re-test of previous resistance. Target at the green line. Stop with a 1:2 RR! Good luck.
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