CADJPY: Trading at an important level
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:
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.