CADJPY - Wait For The Trigger!

28. Aug. 2022

Hello Kucoin Family / Fellow Traders. This is Richard, as known as theSignalyst.

on DAILY: Left Chart
CADJPY is approaching a supply zone so we will be looking for sell setups.

Knowing that CADJPY can still trade higher till the previous major high.

That's why we don't sell blindly, we always zoom in to lower timeframes and look for the bears to take over.

on H1: Right Chart
CADJPY is forming a wedge pattern in red but the lower trendline is not valid yet.

So we will be waiting for a third swing to form around it to consider it our trigger swing.

Trigger => waiting for that third swing to form and then sell after a momentum candle close below the gray zone.

Meanwhile, until the sell is activated, CADJPY can still trade higher.

Which scenario do you think is more probable and why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich