CADJPY Long - 9 May 2017
Background:
- 2nd bullish reversal candle off the 200MA support region
- Seems like it is currently forming the reversed right shoulder of a bullish H&S formation in weekly chart
Entry:
- Buy stop set at 20 pips above the 5 May 2017 bullish reversal candle @82.85
SL:
- Set at 20 pips below the bullish reversal candle low @ 81
PT:
- With the descending channel, the entire channel served as a resistance for this trade
- However, PT set based on weekly chart at previous swing high region @ 87
- 2nd bullish reversal candle off the 200MA support region
- Seems like it is currently forming the reversed right shoulder of a bullish H&S formation in weekly chart
Entry:
- Buy stop set at 20 pips above the 5 May 2017 bullish reversal candle @82.85
SL:
- Set at 20 pips below the bullish reversal candle low @ 81
PT:
- With the descending channel, the entire channel served as a resistance for this trade
- However, PT set based on weekly chart at previous swing high region @ 87
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