Trading-Ring
Short

CHFJPY Heavy resistance

OANDA:CHFJPY   Swiss Franc / Japanese Yen
Here we can see heavy resistance around the 110.400 region. I personally entered short positions on this after seeing the exhaustion presented to us on the H1 time frame around 7pm - 1am here in London. A much safer entrance would have been at the closure of 2am H4 candle as you may notice the shooting star formation emerging. With my riskier entry I did however manage to have a lot tighter SL of around 25 pips, take profit level 1 is set at 100 pips exactly to the next zone I spotted. Once this is hit I shall close half my lot and let the second half run to the 108.700 area. Now I am looking onto the daily closure to determine whether or not we successfully engulfed the previous day or so price action.
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