CADJPY (1D):MAJOR UPSET?
This is a very important setup forming in the CADJPY. I am already anticipating two trades from this setup only. I'm seeing a heads and shoulders pattern forming in the daily timeframe. I want to manage my risk as best as possible so I'm going to short the market when price action hits the blue support so that I can keep my stop loss as tight as possible and my potential profit as large as possible. Its definitely more risky but its more profitable to me because my risk to reward ratio is very high on trades like this. Often as high as 1:7 or more. There is a way smaller trade I'm taking on the 15M timeframe which I'll link in the comment section.
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.