In this article I want to share my LIVE TRADE on CADJPY from last week, with total profit +111 pips. I will explain trade, also few important elements of trading which were applied:

1- Trading plan
2- One Trick for Successful Trading
3- How I set Entry, Take Profit, Stop Loss
4- Why no indicators are used
5- CADJPY Forecast for this week

1- Trading plan

As you can know I like to trade JPY pairs,because there is usually easy PRICE ACTION. I was searching on daily chart CADJPY currency pair. Nice big PINBAR on DAILY chart was first signal for searching for buy opportunities. My trading plan was waiting for RETEST of S/R in lower time frame. In orange color are last retests of S/R.

2 – OneTrick for Successful Trading

I don’t trade only candle formations. What I usually check is lower time frame with TREND LINES. Pin bar is one thing, but second is price and trend line. Look on the chart: What will happen?

3 – How I set Entry, Take Profit, Stop Loss

In next pictures you can see logical levels where to set your orders. ENTRY is based on lower time frame H4, where is RETEST of daily S/R level. Price is in this moment out of TREND LINE. STOP LOSS is in logical area below H4 candles.

What was result?

In this trade my TAKE PROFIT level was before reaching resistance level on lower H4time frame.

4 – Why no indicators are used

In my previous article Two Live Trades CADJPY Total Profit + 108 Pips. I told that my “indicators” are support and resistance lines, trend lines and price action. As you can see it is really not required to use indicators for PRICE ACTION TRADING. I wrote this article because in myexperience, what can help to traders is not only theory but real trades. If you were reading my previous articles, you can see same system for each trade. This is what really works.

5– CADJPY Forecast for this week

I will watch PRICE ACTION on this level as you can see the picture:

I will search for price reaction in area where point is for RETEST of TREND LINE, RESISTANCE on lower time frame. In this moment I can’t say that price will go UP or DOWN, because PRICE ACTION is about PRICE REACTION TRADING. Best way is to have simple system and use it all the time again and again.

I will appreciate yours opinions and questions.

Good trading
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