CADJPY 390PIP SHORT!

Hello Traders, today we have ourselves a lovely CADJPY short.

Confluences:

• Structure level
  
• 3rd Trendline touch
  

With this lovely trade we have ourselves a 9.75 R:R (Risk:Reward) which is a amazing return for the risk.
This short has a larger risk than usual to prevent being stopped out at the next structure level which the price may react from.

Economical Data:
Oil panic within the UK, may lead CAD to increase in value due to higher demand as oil & CAD correlate, this is a factor we must be aware of.

What is Correlation?
If you would like to learn what this is, I have attached an educational post below where you can see the correlation between currencies, metals and oil .

Please remember to like and follow for more ideas like this!

Trade chiuso: stop raggiunto:

Stop Loss Hit CAD is to strong breaching resistance due to increasing price in oil as mentioned above. Continuing to look for an entry 👀