FX:CHFJPY Swiss Franc/Japanese Yen
Price is trending down on this 6 hour time frame and confirmed by higher time frames. Price recently retraced and formed a . Price has also retraced to the 50% Fibonacci level and previous , price is also touching the 8 and 21 period moving average. entry placed half way of trigger candle, stop loss is placed well beyond recent support and profit target is placed at the next area of resistance. Reward is 3:1
Trade closed manually: I decided to close trade manually as reviewing the reason for entering I discovered the pin bar trigger was due to a JPY news event and not market rejection, I am not confident this trade will continue as planned. I manually closed trade with small profit.