CHFJPY – is this pretty picture tradeable?? … the week of 18/09
These lines I drew make a pretty picture for sure 😊. But the big question is am I reading the price action correctly and are my expectations reasonable? We will find that out soon. My daily chart shows clearly how I read the movement in this pair so far and what I expect next. However, here are a few main points:
Triple top followed by a series of lower highs.
About 8 weeks of consolidation, higher prices not accepted by the market.
Price contained between a downward sloping trend line and a horizontal one at 164.00
A squeeze to the downside is in progress and IMO a breakout as shown will likely occur. I will be monitoring H4 and H1 charts to confirm if this does happen. Monitoring PA in other JPY crosses will also be useful.
A good level to target will be around the 160.00 area.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
Triple top followed by a series of lower highs.
About 8 weeks of consolidation, higher prices not accepted by the market.
Price contained between a downward sloping trend line and a horizontal one at 164.00
A squeeze to the downside is in progress and IMO a breakout as shown will likely occur. I will be monitoring H4 and H1 charts to confirm if this does happen. Monitoring PA in other JPY crosses will also be useful.
A good level to target will be around the 160.00 area.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade active:
I decided to be aggressive and took a short when price touched the trendline at/near 164.90. Will report back at the end of the week.
Trade closed manually:
The aggressive entry did not work, trade closed. Will monitor this chart in case an opportunity develops as per my original plan.
Trade active:
The retest entry worked perfectly, trade now in profit.