CHFJPY Bullish Hammer on 1H Chart
Hello traders,
I have spotted a bullish hammer pattern on the 1 hour chart of CHFJPY, which indicates a reversal of the previous downtrend and a continuation of the bullish momentum. The hammer has a long lower wick and a small body near the top of the candle, showing that the buyers have rejected the lower prices and pushed the price back up.
I have entered two market execution orders at 161.305 and 161.327, with a stop loss at 160.956, which is below the low of the hammer. My first target is 161.594, which is near the previous resistance level, and my second target is 161.913, which is near the 61.8% Fibonacci retracement level of the recent swing high and low.
This trade has a good risk-reward ratio of about 1:2 for both targets, and it aligns with the overall bullish trend on the higher time frames. I will update this post as the trade progresses.
Please like and follow if you find this idea helpful. Thank you for your support and happy trading! blush
Hello traders,
I have spotted a bullish hammer pattern on the 1 hour chart of CHFJPY, which indicates a reversal of the previous downtrend and a continuation of the bullish momentum. The hammer has a long lower wick and a small body near the top of the candle, showing that the buyers have rejected the lower prices and pushed the price back up.
I have entered two market execution orders at 161.305 and 161.327, with a stop loss at 160.956, which is below the low of the hammer. My first target is 161.594, which is near the previous resistance level, and my second target is 161.913, which is near the 61.8% Fibonacci retracement level of the recent swing high and low.
This trade has a good risk-reward ratio of about 1:2 for both targets, and it aligns with the overall bullish trend on the higher time frames. I will update this post as the trade progresses.
Please like and follow if you find this idea helpful. Thank you for your support and happy trading! blush