See weekly chart of CADJPY below for the discussion that follows.
CADJPY formed a hammer on support in the context of a longer term uptrend. Candlestick signals and areas of significance such as support and resistance are normally much more effective on longer term charts. I like the combination of the hammer on support in line with the uptrend on this weekly chart. I will go long if price can retrace into the tail of the hammer in order to get a tighter stop.
CHFJPY looks very similar.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.