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.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Pine Wizards Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out