What´s up with the market… So Boooring
Yesterday and today have been a little unusual.
I’ve seen days with low volumes, but these last two days have been painfully slow.
Just take a look at the CADJPY:
Yesterday and today have been a little unusual.
I’ve seen days with low volumes, but these last two days have been painfully slow.
Just take a look at the CADJPY:
Having a good risk-reward ratio on your trades is key to have good results in the long run.
What would you think about a risk-reward ratio of 9:1?
What that means is that I’m trying to get 9 times what I’m risking on that particular trade. For instance, if you have 20 pips at risk, I’ll be shooting for 180 pips…
This type of trades is what makes me feel (very) comfortable about the way I trade.
Think about it, how many successful trades like this one you would need a month? (hint: only one)
Here is the chart:
Details of my trade:
I’m curious about the currency pairs that you are monitoring this week…
I know most of you like to trade the majors, but I don’t see a clear condition on any of them.
These are 3 pairs I’ll monitor this week (at least at the beginning of the week):
GBPAUD – As I wrote last week, this one is probably the clearest of them all, take a look at the daily chart, it was clearly bounced from the main support level. I’ll be looking for long opportunities.
Have you noticed most JPY crosses are trading in a clear bullish condition? Really, I’m looking for long opportunities on almost all of them.
Also, on most of them the short term S&R levels are very clear, take a look at the CADJPY for instance:
I’d be looking for long opportunities around the bottom of the range.
What do you think?
Trade Safe!
Raul Lopez
Forex Coaching
I’m definitely not comfortable trading the USDJPY, there is some kind of intervention going on, once it starts to go down, it moves back up, over and over… I wouldn’t risk my capital on this pair, but what about the other JPY crosses? How do you feel about them?
One of them that I’m currently monitoring is the CADJPY, if you look at the long term charts its clear that it is trading in a bearish market condition and likely to continue its way down. But what I like the most about it is that on the short term charts it’s been trading in between consistent support and resistance levels:
I’ll see if it retraces back to the short term resistance level and forms a significant pattern with downward pressure.
One thing to note though, I’ll think it twice if the USDJPY drops significantly, because the BOJ will intervene.
Trade Safe!
Raul Lopez
Forex Training
The CADJPY is one of the crosses with the clearest market conditions today, yesterday it broke through an important resistance level and it looks like it will continue its way up:
As long as the CADJPY keeps trading above 82.98 I’ll be looking for long opportunities.
What do you think about this one?
Trade Safe!
Raul Lopez
Forex Course
The CADJPY its been trading in a bearish condition since yesterday, it broke the ST support level triggering this condition:
The next LT support level is at 81.60
I’m currently waiting for a retracement to the 83.46 area, there I’ll look for significant downward pressure.
Trade Safe!
Raul Lopez
Forex Training
The CADJPY is trading near a LT important level, most if the times the market gets close to an important level, it tends to trade in a short term range, once it breaks that range, I start looking for trade opportunities in the direction of the breakout.
Here is the range for the CADJPY:
A breakout of either side of the range indicate a “clear market condition”, and only trades in the direction of the breakout will be allowed.
Trade Safe!
Raul Lopez
Price Action
The CADJPY is still trading in a bullish market condition, it was rejected from an important LT support level around 81.98 and the next LT resistance level is at 85.84:
The CADJPY is currently trading at 84.60 so we still have more than a hundred pips before we hit the next level.
Only long opportunities are in play in the CADJPY.
Trade Safe!
Raul Lopez
http://www.protradingnow.com/
The CADJPY is trading in a very well defined short term range, very few times we see a range as perfect as this one, you think so?
As you already know, we must adapt our strategy to the market condition, and if the CADJPY is ranging, lets try to trade the range: look for long opportunities around the bottom of the range and short opportunities around the top of the range, that’s it.
Trade Safe!
Raul Lopez
http://www.protradingnow.com/