This is a simple one - a structure zone on CADJPY 3-DAY time frame.
Some say the more times price hits a zone like this the greater the probability of a breakthrough. That's generally true. The trouble is that no one knows how many hits are necessary.
I previously showed that CADNOK remained contained for 4.6 years.
To be clear, I am not saying CADJPY will take that long. I don't know how long it will take to push north. But this sort of structure zones on these macro-timeframes have a habit of retreating for a bit. What that means is that there is potential opportunity on much smaller time frames e.g. 15 to 30 min
Methinks the job of sound traders is to always look far higher and far lower. It's about 90% vigilance and 10% trading - or something like that.
Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
Some say the more times price hits a zone like this the greater the probability of a breakthrough. That's generally true. The trouble is that no one knows how many hits are necessary.
I previously showed that CADNOK remained contained for 4.6 years.
To be clear, I am not saying CADJPY will take that long. I don't know how long it will take to push north. But this sort of structure zones on these macro-timeframes have a habit of retreating for a bit. What that means is that there is potential opportunity on much smaller time frames e.g. 15 to 30 min
Methinks the job of sound traders is to always look far higher and far lower. It's about 90% vigilance and 10% trading - or something like that.
Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
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