We are looking at CHFJPY for a buy.
BIAS: LONG
Reason: On the daily we are seeing that price is rejecting to fall lower with long doji candles and long wicks to the downside. This tells me that price is having issues making lows.
The most recent candle is a bullish candle that engulfs a few of the previous candles. This tells us that there seems to be volume in the market for a bullish trend. You can confirm the market volume by using the EFI indicator( setting 17) - Once the daily candle closes and the line is above the zero line that is an indication that there is volume for price to trend.
Stops are place 1.5X the ATR value which is below the sellers exhaustion zone. This chart is on the 4hr however the analysis is based from the daily.
Knowledge & Profits - That one page that you should follow and profit with.
BIAS: LONG
Reason: On the daily we are seeing that price is rejecting to fall lower with long doji candles and long wicks to the downside. This tells me that price is having issues making lows.
The most recent candle is a bullish candle that engulfs a few of the previous candles. This tells us that there seems to be volume in the market for a bullish trend. You can confirm the market volume by using the EFI indicator( setting 17) - Once the daily candle closes and the line is above the zero line that is an indication that there is volume for price to trend.
Stops are place 1.5X the ATR value which is below the sellers exhaustion zone. This chart is on the 4hr however the analysis is based from the daily.
Knowledge & Profits - That one page that you should follow and profit with.