CHFJPY has been on a recent downtrend. There is a double top with broken neckline and formation of a new swing low. As such, I am placing a sell limit at 111.683 which is the 61.8 Fibonacci retracement from the right top to the swing low. Stop loss is just above the upper (left) top. The take profit target is at the swing low. The trade details are as follows:
Trade Setup: Double Top
Price Entry 111.683
SL 112.030 | SL pips 34.7
TP1 111.266 | TP1 pips 41.7
RRR1 1.20
Trade Setup: Double Top
Price Entry 111.683
SL 112.030 | SL pips 34.7
TP1 111.266 | TP1 pips 41.7
RRR1 1.20
Trade closed: stop reached:
SL hit! (July 9)