We can see that we had a clear divergence on 1hr CHFJPY which is s reversal pattern. This might be a reversal for CHF or big banks taking profits. It could also be a reversal on JPY pairs.
Anyway if you missed the first drop, don’t worry and wait for this set up.
So how do we take the trade?
4hr is still bullish so wait for price to reach 117.4 or 117.575. I can’t tell which price exactly it will be since the week has not opened yet. I will give an update to this post later. But once price retraces back monitor price action on the 15 min time-frame for a bearish false break. This will put strong sell momentum on the 4hr time-frame and 1hr will be bearish
Take profit line is given. I will update entry price and stop loss once the week opens. Remember trading is reactive and not predictive. Only enter when all conditions are met
If you like this idea, please give a thumbs up and if you have a different view, please comment below so I can learn from you as well.
Thank you and good luck
Anyway if you missed the first drop, don’t worry and wait for this set up.
So how do we take the trade?
4hr is still bullish so wait for price to reach 117.4 or 117.575. I can’t tell which price exactly it will be since the week has not opened yet. I will give an update to this post later. But once price retraces back monitor price action on the 15 min time-frame for a bearish false break. This will put strong sell momentum on the 4hr time-frame and 1hr will be bearish
Take profit line is given. I will update entry price and stop loss once the week opens. Remember trading is reactive and not predictive. Only enter when all conditions are met
If you like this idea, please give a thumbs up and if you have a different view, please comment below so I can learn from you as well.
Thank you and good luck
Trade closed: target reached