Trade 24 – CAD/JPY

Analysis

watchthisCADJPY2 (-)Looking at the daily timeframe, long term downtrend has ended with the TL break (not shown). Consolidation plus break out to the upside confirms it. Notice the corrections forming against the direction of the larger trend. A flag succeeding a rally suggests price could go higher.

Entry

cad11JPY (-).png4H provides a detailed view of the flag. The downward trend line of the latest down move has been broken and price has sort of retested the level. Lots of uncertainty as represented by the small candles. A small spike up in price triggered the first order.

Stop orders has been placed to buy in as the trade moves in favoured direction. Keeping risk to a minimum and only increasing it when necessary.

[Trade 24A] 0.25% capital risked for potentially 13.4R.

Entry: 85.2 | Stop loss: 84.1 | Target Profit: 100

[Trade 24B] 0.5% capital risked for potentially 10.3R.

Entry: 85.5 | Stop loss: 84.1 | Target Profit: 100

[Trade 24C] 1% capital risked for potentially 8.6R.

Entry: 85.75 | Stop loss: 84.1 | Target Profit: 100

Will colour the entry details when the trade is triggered. Total risk would add up to 1.75%

Psychology and emotions – Confident about this trade after analysing the daily chart. Will have to be patient though. Remember, no matter how confident, always exercise risk management. You can always be wrong and anything can happen.

Exit

download (1).pngStop loss triggered. Don’t think a lot can be done to help this one. Maybe entered to early. But shouldn’t have taken so much risk without proper confirmation.

Total loss of 1.75% of capital.

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