$100k Challenge - CADJPY Short - E4 T1
Hey everyone!
Fourth trade already! Enjoy:)
Trade Description
After having a very sharp bullish run, the market stalled abruptly and formed a strong pullback, failing to make new highs as the retracement took the price back down below a secondary daily resistance.
The market printed a second high but failed again to break the resistance, indicating a strong supply presence. The overall setup is A-class in my opinion, but something the resistance is secondary as it’s not that well-defined and my entry could be better, downgrading the trade to a B-class.
TP1 is set to the last relatively relevant area, however, recently it hasn’t been respected much, so depending on price action, I might consider removing TP1 to leave all the volume running. TP2 is open. SL is placed 1 ATR above the last high.
I noticed a symmetrical triangle forming on the daily time frame. It supports the idea of the market halting due to a sudden supply presence, however, it ultimately indicates indecision as it’s still a triangle formation. Will pay more attention in future trades to consider these things.
Fourth trade already! Enjoy:)
Trade Description
After having a very sharp bullish run, the market stalled abruptly and formed a strong pullback, failing to make new highs as the retracement took the price back down below a secondary daily resistance.
The market printed a second high but failed again to break the resistance, indicating a strong supply presence. The overall setup is A-class in my opinion, but something the resistance is secondary as it’s not that well-defined and my entry could be better, downgrading the trade to a B-class.
TP1 is set to the last relatively relevant area, however, recently it hasn’t been respected much, so depending on price action, I might consider removing TP1 to leave all the volume running. TP2 is open. SL is placed 1 ATR above the last high.
I noticed a symmetrical triangle forming on the daily time frame. It supports the idea of the market halting due to a sudden supply presence, however, it ultimately indicates indecision as it’s still a triangle formation. Will pay more attention in future trades to consider these things.
