Not a pair that’s in my trading portfolio but I have no doubt that this will be on Jason Stapleton’s radar during this morning Warroom meeting. This is a simple Trend Continuation Trade (TCT) setup on the CADJPY as we look to get long at our current level of structure support.
WHAT I’M LOOKING AT Price action has just broken a resistance level and has retraced back to structure for the second time. The current structure shelf allows you a nice area to get involved with minimum risk, while our previous structure highs look to be a good area to do some profit taking. The only question is “how do I get involved?” Well that parts up to you and your trading plan. An aggressive trade can simply buy it up at market, while a more conservative trader may need to go down to a lower timeframe and wait for confirmation at that level. Either way I think it’s a great example of the type of trades that I look for when searching for TCT type setups. Just do me a favor, make sure you follow your rules, because you saw what happened to me when I didn't ( youtube.com/watch?v=elDeCm-mpro )
Hey guys, I'll be showing the (recorded) live analysis of this trade setup in tomorrow's video. But we achieved our initial targets yesterday and stops have been rolled to breakeven. We ended up taking a slightly different approach to this trade then what was originally showed in the chart above. Again, check for it tomorrow youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
Kommentar
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Just uploaded a video of the live analysis that we did on this pair, including why we changed our idea about where to take initial targets
"There are typically two things that hold a trader back from seeing success. Lack of a solid trading plan & the inability to follow that plan. In this week’s Forex Trading video we not only discuss these topics, but we also walk through a live trading opportunity and go over a trading technique that can help cut down on your losses." youtube.com/watch?v=3S1wenENILI
looks to have hit 50% with a pull back down to the top side of the trend. May be a rule breaker but pos widen stops just below
Akil_Stokes
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Yeah very important to follow ones rules. I know for me personally widening stops would be a big no no, especially after they've already been moved to breakeven in order to protect profit.
vdubus
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lol it's the spread fees that catch me out more often than not
Akil_Stokes
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Yeah that stinks, just have to account for them when setting up your orders. unfortunately that's part of the business.
peter.kralmail
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now it looks like the price is trying to make head and shoulders formation
Akil_Stokes
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Yup, could be
Alexander_Nikitin
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Just opposite on this pair. But still, we can both be profited because my stop is above your takeprofit. Price may go lower after you book a profit).
Alexander_Nikitin
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Akil_Stokes
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Nice, we looked at this in the live room and it caused us to put our take profit at that same shoulder/ Great analysis man!