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Short

WHEN AND WHERE TO SHORT CHFJPY

FX:CHFJPY   Swiss Franc / Japanese Yen
199 4 4
CHFJPY             established a strong trend down and should be ready for the final wave down to test 126 target area. I have two scenarios, Scenario 1 is that the rate will start going down from the current point, but considering strong yesterday's drop, its likely that there will be some consolidation. The Scenario 2 suggest that after consolidation at the next cycle up (which should fail and become cycle down) at 04:45 AM, 29.07 CHFJPY             fall will continue. In my opinion it should be the ideal time to short at the established area of resistance for the fast and low risk profit.
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here is the actual trade setup
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we just passed the sell point according to Scenario 2, where I successfully shorted CHFJPY
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It seems Scenario 1 will be the case
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It failed to move lower at the time I expected, Scenario 2 becomes more likely
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