Update: We are now (9:30 pm EDT) moving stops to breakeven on this trade.
Update: Moving stops to 82.34, and locking in 21 pips of profit.
Update: Exited trade for 21 pip profit.
Derek Frey
www.elementaltrader.com
We are now watching a few bearish patterns coming together in the CADJPY. We have both a Bearish Gartley on the 30 minute chart and a bearish butterfly on the 15 minute chart. So we are looking to short around 82.55 level with stops above 82.89, targeting a move back to the 81.89 level. Risk to reward is roughly 1:2.
hey D are you watching E/J 1h and U/CAD -could be good ones 😉
Hiya Derek,
I use another name in the trading room, but it was nice to get home from work just now and see what has developed in this pattern. Thanks for putting it in here so I got the update in my email.