CADJPY: Buying Opportunity in Bearish Trend

2020年6月14日

I wrote about selling opportunities in this market, and it was based on the price reversal from the resistance zone. You can read details in the post from the related ideas. The price reached the profit target at the support, and we got a bullish candle. It tells us about a possible reversal, and as a result, we can try to catch this pullback. If the price stays above the support zone formed by the local uptrend line and support levels, it will be possible to buy using the hourly timeframes. Stop orders must be placed below the daily low. The profit target can be placed at 80.00 round number level or SMA200 from the daily chart. Risk per trade must be no more than 1-2% from the capital.

If the price breaks the support zone, it will confirm the further downside movement with the main target at 75.00 support.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.