Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
CADJPY was one of the most vulnerable pairs after NFP released Friday and plunged near 170 pips and reached below 82.00.
We have got another pennant setup for this pair as I think it could fall more.
Figure below shows my setup on this pair:
Flagpole has got 170 pips range so 10% of this range is 17 pips. Put a pending short order 17 pips below the previous low which is 81.94, 25% of 170 pips is 43 pips and this is our stop loss and first profit target should be 43 pips in order to have 1:1 risk reward ratio. Second profit target is another 170 pips fall from 81.94 which shows 80.24.
I have to mention that use that time filtering I said in last tutorial and wait for a sharp move to execute your pending order.
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Winner’s Edge Trading, as seen on: