CAD/JPY (Pre-Week Analysis)
CAD/JPY (Pre-Week Analysis): Last week we decided to NOT trade this pair until the start of next week (tomorrow). Now that I've been seeing more or less a more solid trend. I can give out more updates of this pair (If it doesn't go back into a strong consolidation zone). Our minor trend-line; seems to be working much more smoother which is something I like to see. What can I be expecting?
How I am not in any trades for this pair; I am really 50/50 on which side I would love price to go. What does that mean? When I am in a -BUY- obviously I want price to keep going higher so I can get more profit out of it. When we are in a overall down-trend and I've already made some nice profit, I'm looking for a pull-back to catch more of that trend.
In scenarios like this were i took a -break- I'm really just 50/50. But overall this is what I need to happen so I can have a trade entry.
1) SELL: As you can see there is a minor trend-line. I would place a -SELL- if price were to manage to break that trend-line. Keep in mind; that we are really close to our Daily trend-line so our T/P would be kinda tight. The best case scenario is that we see price closing -BELOW- our daily trend-line so we can continue with this down-trend.
2) BUY: If price were to continue going up like it did at the end of the week last week. I would be preparing for a -BUY- I would need price to close -ABOVE- that minor Trend-line and my T/P would be around that minor resistance area shown above.
Overall this is just what I am expecting for when market opens I already know what I am waiting for. As always I am prepared for both movements as that helps me make more profits and catch better trends.
How I am not in any trades for this pair; I am really 50/50 on which side I would love price to go. What does that mean? When I am in a -BUY- obviously I want price to keep going higher so I can get more profit out of it. When we are in a overall down-trend and I've already made some nice profit, I'm looking for a pull-back to catch more of that trend.
In scenarios like this were i took a -break- I'm really just 50/50. But overall this is what I need to happen so I can have a trade entry.
1) SELL: As you can see there is a minor trend-line. I would place a -SELL- if price were to manage to break that trend-line. Keep in mind; that we are really close to our Daily trend-line so our T/P would be kinda tight. The best case scenario is that we see price closing -BELOW- our daily trend-line so we can continue with this down-trend.
2) BUY: If price were to continue going up like it did at the end of the week last week. I would be preparing for a -BUY- I would need price to close -ABOVE- that minor Trend-line and my T/P would be around that minor resistance area shown above.
Overall this is just what I am expecting for when market opens I already know what I am waiting for. As always I am prepared for both movements as that helps me make more profits and catch better trends.
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