Boom! Looks like volatility is coming back to the markets!
We are gaining some good proifts on selling the DAX and buying XAUUSD... but its probabily time to get us some JPY too!
The daily chart on CHFJPY shows a possible head & shoulders pattern and indicates a strong possiblity that a reversal and retest of key support is due.
A video follow up is coming...
Price action just touched the descending channel and bouced. We have a bearish engulfing candle on 1h chart which is enough for us to go short on this. I have marked tp and sl for you as well.
Let me know your thoughts.
Trade safe and good luck.
CHF/JPY - Short
Hit a nice support and resistance area.
Hit my third TP on the previous idea LONG i had for this pair.
Now i am looking to catch the move back down.
Any questions drop me a message or a comment
Price looking likely to form a falling wedge pattern on the daily timeframe although we can expect one more push to the downside before we see any signs of a breakout. simple correction play where our potential entry could be, which is a lot clearer on the 4hr & 1hr timeframes.
Here we can see heavy resistance around the 110.400 region. I personally entered short positions on this after seeing the exhaustion presented to us on the H1 time frame around 7pm - 1am here in London. A much safer entrance would have been at the closure of 2am H4 candle as you may notice the shooting star formation emerging. With my riskier entry I did however...
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!...