Entry plan is based on the CADJPY weekly and month head and shoulder pattern.
I'm looking to enter around the .618 fib area if we get a nice low, ideally a low-test of some sort. Time will tell....
My goal is for the reward:risk ratio to be at least 5:1 with my target sitting between the quarterly .618 fib level (94.4) and a monthly/quarterly trend line which will act as resistance.
Ideally I'll be able to place my stop behind the monthly .786 fib level but that depends entirely on what type of price action the market provides us with over the weeks to come.
I'll publish my entry if/when that time comes.
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
I'm looking to enter around the .618 fib area if we get a nice low, ideally a low-test of some sort. Time will tell....
My goal is for the reward:risk ratio to be at least 5:1 with my target sitting between the quarterly .618 fib level (94.4) and a monthly/quarterly trend line which will act as resistance.
Ideally I'll be able to place my stop behind the monthly .786 fib level but that depends entirely on what type of price action the market provides us with over the weeks to come.
I'll publish my entry if/when that time comes.
For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box.
Thanks!
