CADJPY: Trading at an important level

Written by Raul Lopez on . Posted in Trades & Analysis.

I know, I’ve been focusing in the Yen crosses lately, buy hey, the best trading opportunities have arose on them. Also, lately, the majors have been trading in a not very well defined range, not consistent S&R levels, on the other hand, the Yen crosses have been trading in clear market conditions, clear S&R levels, etc. So why not???
Ok… so I was thinking about the CADJPY, earlier this week I was looking for a short opportunity, but it already reached the LT support level, so we need to wait for the market to break the short term range before looking for a trade opportunity:

CADJPY
CADJPY

Here is my trading plan:

If the CADJPY breaks the ST resistance level, I will look for long trade opportunities.

If the CADJPY breaks the ST support level, that will trigger a bearish market condition, therefore only short opportunities will be in play.

If it keeps trading in between the short term range I will do nothing.

Trade Safe!

Raul Lopez
http://www.protradingnow.com/

Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .
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