CHFJPY | Perspective for the new week | Follow-up
The price moved over 100pips in our favour since the counter-trend opportunity (see link below for reference purposes) before what appears to be a gradual change in structure that supports completion of a Reversal pattern. Recall that I warned against factors that might disrupt the previous set-up thereby giving way for a rally continuation (see my penultimate publication in the link below).
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal pattern | Harmonic (Cypher)
Observation: i. The Bearish run that began on the 17th of February 2021 found a Bottom @ Y116.000 and since then the price has continued to find Higher highs that culminated in a successful Breakout last week Thursday.
ii. Between the 1st and 10th day of March 2021, the Key level @ Y116.850 experienced selling pressure which finally saw a Breakout with signs that a new trend might have begun!
iii. In this regard, I have identified two key areas to take advantage of the new trend and this is illustrated on the chart as Buy window I & II.
iv. With the present pattern @ Y117.400, we might see a dip below my key level @ Y116.850 (corrective phase) hereby transposing into a Cypher pattern before the rally begins.
v. Whatever happens, anywhere above Key level shall be a good area of confirmation.
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:4
Potential Duration: 4 to 10 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal pattern | Harmonic (Cypher)
Observation: i. The Bearish run that began on the 17th of February 2021 found a Bottom @ Y116.000 and since then the price has continued to find Higher highs that culminated in a successful Breakout last week Thursday.
ii. Between the 1st and 10th day of March 2021, the Key level @ Y116.850 experienced selling pressure which finally saw a Breakout with signs that a new trend might have begun!
iii. In this regard, I have identified two key areas to take advantage of the new trend and this is illustrated on the chart as Buy window I & II.
iv. With the present pattern @ Y117.400, we might see a dip below my key level @ Y116.850 (corrective phase) hereby transposing into a Cypher pattern before the rally begins.
v. Whatever happens, anywhere above Key level shall be a good area of confirmation.
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:4
Potential Duration: 4 to 10 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
