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Short

chfjpy sell setup with fib confluence

FX:CHFJPY   Swiss Franc/Japanese Yen
94 9 4
Hello traders, have a nice sell setup on chfjpy            
Price was on a previous reistance with a 0.50 fib retracement level, next move might be the the demand at the bottom which also has fib confluence and might just be the target for the broadening bottom
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kate25
a year ago
Hey Akash, I am just starting to look at this one
snapshot
+1 Reply
kate25
a year ago
1hr there is supply at 124.28
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+1 Reply
Fxtoronto kate25
a year ago
i never noticed that earlier but now that you mentioned that could also be a potential reversal zone but then again it appears that it also broke the trendline
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Fxtoronto Fxtoronto
a year ago
however if you look on a daily there is no structure at that level at all, which makes me think that if there is a correct it might not be a big one
Reply
Fxtoronto Fxtoronto
a year ago
sorry on a second view there is some structure on a daily too. will have to keep that in mind
Reply
kate25
a year ago
Price is still below trend in demand with three possible entries above
snapshot
+1 Reply
Fxtoronto kate25
a year ago
yes that could be a good sell setup to my understanding if it does reach one of those levels
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kate25
a year ago
I think you may be correct price may race to the bottom trend line, however if it does pull back into that supply it might be worth taking a short position in it there
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Fxtoronto kate25
a year ago
i will have to look into a better entry myself since i missed the initial entry that was the resistance
lets see how this plays out
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