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Short

WHEN AND WHERE TO SHORT CHFJPY

FX:CHFJPY   Swiss Franc/Japanese Yen
198 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.
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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we just passed the sell point according to Scenario 2, where I successfully shorted CHFJPY
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here is the actual trade setup
CHFJPY SHORT TRADE... NOW
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