CADJPY - awaiting break

Good Evening Dynamic Traders,

The GBPAUD moved a further 600ish pips today (total move of approximately 1000 pips in 3 days!). The Cable has after much deliberation decisively broken through the strong support (although just between you and me I think the CPI and Governor King had something to do with it too). In short you will have noticed a lot of movement in price across the board today.

The Euro trade mentioned on last night's blog did not follow the 123B and instead continued south but that is how the markets are - uncertain and mysterious. All one can do is have good money and risk management in place so when the opportunity is available you can take it and when it goes against the identified edge, your risk is minimised.

I have chosen the CADJPY today as it appears to be on the verge of a crucial support. It has been in a period of consolidation for some time and may muster up strength to break through. Other considerations are the major RN and the descending triangle more apparent on the 4 hour chart.

Charts courtesy of Advanced Get


Question 6
Am I willing to accept the consequences of not changing?

Fun Trading!

Bijal Shah