Posted by: joetradingplace | April 16, 2015

Keep an eye on these two pairs

Lets keep an eye on cadjpy and usdcad…cadjpy has broken the range to the upside. Usdcad has broken the range to the downside, but the prevailing trend has been up…will this down move follow through, is it the reversal of the long term uptrend…we are not hear to fortune tell…but to react to price. So we watch these pairs and play the breakout pullback. If they fail to follow through we play the failed breakout trade. Now its time to sit and watch what price and react accordingly…but remember we will be looking to hold the trades as long as they are making us some gains….but we pay ourselves by taking partial profits. If the trades don’t play in our direction, we will cut our losses…then we will repeat the process.

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