Forex and the Trend Jumper; The CADJPY is a HOT Forex Pair — for DAYTRADING!!
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You probably have gathered by now that we are not big on daytrading forex. We’ve held numerous educational webinars about this topic recently and have cited numerous reasons why swingtrading forex is so much preferred over daytrading forex. I’m not going to get into those reasons here other than to say Trend Jumper is consistently pulling in the pips swingtrading forex.
All that being said, there are a few hidden treasures that are worth paying attention to if you really want to daytrade forex.
The CADJPY has risen to the top of MY list and is a forex pair that I am actively watching. Spread costs have come way down, making this a viable forex daytrade candidate. I might break down and start daytrading it too, but I haven’t made that decision yet. I am an active forex swingtrader and for daytrading, I trade futures. But this pair is MAKING me pay attention!
I originally designed a forex daytrade plan for the CADJPY using a 15 minute chart for the Asian Session. This is a great session for people like me, on the West Coast, because it begins around 6 pm, right when most people have returned home from work. What I have found though is that this forex tradeplan trades great at any time.
I’ve marked up an MT4 chart showing you all the winners that have piled up over the last several trades. I just kept it simple, drawing lines at the various target levels. Trend Jumper is SO flexible and with the 15 minute chart, which is an available MT4 timeframe (the reason I focused on this timeframe) you can scale out at each target and trail either the dark blue line and/or the thick yellow line. What I am finding is that this is rather typical of how this forex pair moves. And since Trend Jumper is based purely on price action, if the market is moving, the tradeplan should continue to perform well.
Are there OTHER forex daytrade plans that would work with Trend Jumper AND would be considered MT4 friendly? SURE there are. There are also daytrade plans that are NOT MT4 friendly using tick bars. We offer a plugin for MT4 giving one the ability to trade RANGE bars which are also a good daytrade choice. Trend Jumper LOVES range and momentum bars. We teach this stuff in our Trend Jumper Owner’s Club.
If you want to try a free version of the Trend Jumper, you can do so with this link: www.netpicks.com/freetj
You will get a free swingtrade plan for the EURUSD that has performed amazingly well over the last 10 straight years! It works on MT4, Tradestation and Ninja Trader. Also, a very effective daytrade plan for the YM, (Dow eMini) which is exclusively for our Tradestation and Ninja Trader friends. Get your free copy while it is still FREE.
While you’re at it, don’t forget to get yourself registered for our up coming major Trend Jumper Release Party Webinar, this Thursday, April 18th. You’ll get full details on how you can get involved with this durable and versatile forex, futures and stock trade strategy.