CHFJPY: bearish play still intact

Just so that you know how I am navigating this trade on CHFJPY: my thesis that price will rebound south from current levels is still intact.

Parallel channel is still in play and I am even add to my short position if price hits top of channel and presents beaarish price action.

There is a set of small triangles within the channel, they are just intermediate trend lines to provide short-term guidance, nothing extremely relevant unless you want to scalp, which is not my case.

Comment:

I have close 75% of my position for a nice 30% profit. I believe there is more space to run, but remember, safeguarding your money, and that includes your profits, is part of a successful long career in trading. Greed is the number one enemy of traders as it makes you see things as you want, not as they really are. You never know if you are right, you can only play on probabilities and even when they are high (as it was the case) there is always the chance that you are wrong.

I will let the remainder of my position run and have even extended the take profit to see where it takes us. Of course, I will be actively monitoring price action. For guidance: if price closes back inside the channel, so roughly above 161, that cancels the setup. If not, it is likely it will continue to fall. My new take profit is around 159. Below that I will need to see how price reacts and make a new analysis, but I am convinced that sooner rather than later price will retest the major support around 151.5.