Long CAD/JPY position
The price touched a middle term up trend channel (not confirmed channel) bottom line area and showing a break out triangle pattern in short term. The Guppy is showing a support zone under the price in Day time frame
Try to place pending stop long order above the pressure line to catch the break out movement to North.
Thus, the price will start the Third wave movement which could be a main strong movement. The target place will be the large long term up channel top line area on Nov 01, 2023.
But If the price without a clear break out movement and move out from the up trend channel bottom line or break out the Guppy support zone later, then the long strategy will not work.
At current moment, I will assume go long is the first priority.
Try to place pending stop long order above the pressure line to catch the break out movement to North.
Thus, the price will start the Third wave movement which could be a main strong movement. The target place will be the large long term up channel top line area on Nov 01, 2023.
But If the price without a clear break out movement and move out from the up trend channel bottom line or break out the Guppy support zone later, then the long strategy will not work.
At current moment, I will assume go long is the first priority.
Commento:
Similar long strategy for JPY pairs.
Trade attivo:
Long order got triggered
Commento:
Setup stop before open price, incase price go to south.
Trade chiuso manualmente:
Consider take profit first. Price could have chance to turn to South.