Using smart money concept we have a possible sell set up for CADJPY
Using a 3 rule rule principal of;
1. Trend
2. Zone of supply or demand
3. Entry
Under the monthly Time frame we see a clearly bearish market. So our bias is sell, we look out for only sells.
In the daily time Frame we spot a clear zone of supply in the form of order block. The order block is valid because it broke lows as seen in the chart. Also it had momentum while breaking structure. Price is also consolidating back to the order block.
For our entry we could choose either to enter at the zone at 90.959 with increased risk reward of 26 pips. Or we could wait for price to get into the zone then watch out for Wyckoff distribution to form so we can get sniper entery. Our take profit would be placed at 88.080
Follow me so you would get notified on our Wyckoff entery
Using a 3 rule rule principal of;
1. Trend
2. Zone of supply or demand
3. Entry
Under the monthly Time frame we see a clearly bearish market. So our bias is sell, we look out for only sells.
In the daily time Frame we spot a clear zone of supply in the form of order block. The order block is valid because it broke lows as seen in the chart. Also it had momentum while breaking structure. Price is also consolidating back to the order block.
For our entry we could choose either to enter at the zone at 90.959 with increased risk reward of 26 pips. Or we could wait for price to get into the zone then watch out for Wyckoff distribution to form so we can get sniper entery. Our take profit would be placed at 88.080
Follow me so you would get notified on our Wyckoff entery
