Simple setup, waiting for reaction off trendlines + fib + price action to sell!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future results, so never risk what you are not willing to lose!...
CHFJPY is currently looking good for a bullish move. In my previous mark up, i mentioned i would be keeping an eye on how price reacted around a daily timeline i plotted. ( I have attached that mark up below) As you can see, price broke above that trendline and continued to move higher until we reached a point of resistance where price as i would see it retraced....
During the London session this morning we are seeing consistent strength in the Swiss Frank with all pairs increasing in value. Meanwhile the opposite is true for the Japanese Yen - all pairs are down making the Yen weak.
The result of strong vs weak is a trend. Our pick today is the CHF/JPY pair for a long position.
Simple short trade set up on CHFJPY
4hr is making lower highs and lower lows. Price is coming up to retest the bearish TL and Fib 0.786 level. We also have the 4hr 50ema here to act as resistance.
Targeting new lower lows.
The CHFJPY has broken below the area of support and is looking towards the downside. The area of support (now turned resistance) area has already been tested once so there is a possibility that this area can be tested again. However, for the long term i think the price will fall slightly before starting to consolidate. I wouldn't trade this position right now as i...
. There is a possibility of temporary retracement to suggested support line (107.87). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CHFJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....