going long on chfjpy one less confluence factor as H4 candle closure was very bullish but the market structure is maintaining (for now) on the 30m chart as we just retraced 100%, potential risk to reward 1:11
Daily chart in a bullish trend
H4 chart - initiated bullish trend and had retraced to 50% fib level, rejecting from a previous level of resistance (H4 projection projection -27% fib level)
30m chart - Break of resistance creating a new high after a double bottom, was waiting for a retracement for to the 38.2%or 50% fib level, however started ranging between 0 and...
Big correction seen on JPY pairs today. This is back into a support level now, need to see it hold up here and there should be a very good long opportunity. Can use the 4HR and 1HR timeframes to pinpoint the best entry point, it has shown no sign of turning higher or slowing down yet but it should do soon. MACD is well above 0 so still bullish and EMA's have not...
As previously shown on a post this pair is at a resistance and is now breaking above. For an entry we want to see a retrace back to support and then a rebound upwards. I have set an initial target of 119.004 and then this can be swing traded to the following targets of 119.917 and 121.950
This is at a big monthly resistance level, it has rejected this level a number of times but I think it is likely to breakout above this soon as the price has been more stable than its previous attempts which were big spikes to this price. Price action is currently bullish as seen on MACD and EMA's, I want to see the breakout confirmed and then the support created...
Overnight our scrip has presented a valid long trade on CHFJPY.
We are working the one hour time frame here and the trade is already in motion.
Got on this trade when I woke up this morning to an alert on TradingView.
With our scrip I simply enter the trade that has been presented on screen, using all the data provided at the side of the...
This pair trapped sellers with a fake breakout and has now been moving to the upside ever since. I would like to see a swoop below the respected structure before buying continuation, to tackle the the liquidity at the prior highs.
This is a very simple break and re-test pattern.
If the price manages to hold above the structure lines marked for a significant period of time, then I will consider a buy position.
It is very early in the year so I would rather not get caught up in fixed biases yet.
I would like to see CHFJPY take a slight battering to fulfil some orders before the strong bullish trend continues. I believe we still need to tackle the prior high before we see and signs of downside.
I feel like it would be silly to try and sell CHFJPY from this point there is so much liquidity sitting above those high points and price moves to where orders reside. I would assume a fake break of this channel followed by a re-entry up to the highs marked or even higher. Let's see how this one progresses next week.