After falling from consequent 2015 highs of 138.95 and 134.65 down to 101.88 in mid 2016, CHFJPY bounced back to 0.5 of its previous move where it faced strong supply zone and and thus formed point 5 of the major bearish yellow formation. Following that, the price resumed its downtrend.
Even though, this global outlook is useful to understand the long-term possible movement of the pair, it can also be used to adjust the possible targets for the short/mid term as there is a strong demand zone ahead quite lower than TP1 (point 6):
8 short positions were opened.
Even though, this global outlook is useful to understand the long-term possible movement of the pair, it can also be used to adjust the possible targets for the short/mid term as there is a strong demand zone ahead quite lower than TP1 (point 6):
8 short positions were opened.
Trade closed manually:
The price fell sharply for only 1 minute at the beginning of trading session (unfortunately, missed that moment) and recovered fully almost instantly. Kept an eye on the further development and closed everything soon after with minimum losses as the pattern appeared to be broken. Looking at the situation now, yes, the price really broke 1-3-5 and keeps going straight up, the wave is definitely no more.