Inacio_1998

CHFJPY long trade idea

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
Daily chart in a bullish trend
H4 chart - initiated bullish trend and had retraced to 50% fib level, rejecting from a previous level of resistance (H4 projection projection -27% fib level)
30m chart - Break of resistance creating a new high after a double bottom , was waiting for a retracement for to the 38.2%or 50% fib level, however started ranging between 0 and 23.6% and broke the resistance level , entering on the retest of this level as support to try and take at least to previous H4 resistance.

Comments

My position has now reached 1:3 Risk to Reward, I will be removing the risk off the table as I am making already x3 as much as I am risking, and letting the rest ride to Take Profit 1 which is the H4 previous resistance level
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