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…
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