It's not often that I carry my intra-day trades into the weekend. However, the cad.jpy trade that I'm currently in (based on 4-hr chart above) may very well continue until next week.
Currently price is stuck in a consolidation phase. In the past, I would have simply cashed in the chips. This time however, my trading plan is to give this pair a bit of room to move about.
Why?
Take a look at the daily chart below. The dominant trend is down. The pair is in retracement, which means that there is a strong likelihood that it would continue the prevailing trend, which is heading south.
And I plan to ride along, at least until the 80-ish level.
It could be a bumpy ride.
Fasten your seatbelt!
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