CADJPY has just made a lower low on the 1 hourly. This is at a support level which it is looking to break through. if this happens this will be a nice short entry. Remember that losses on your stop should never be more than 1-2%.
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Trade entered short on the retrace. Entry at 8057.6 with SL@8086
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This is the perfect short entry. It has broke the support and is now retracing to test the previous support as the new resistance.
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After being stopped out of this trade on the false breakout, I have now re entered this trade with the above parameters.
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This trade is looking like it may now form an entry. As per my other trade entry analysis for other pairs, follow the same thesis. Patience is key!!!