CHF-JPY

Weekly Structure - Downtrend

Price is creating a triangule, has touched the descending trendline around 114.000 and is moving down to make another touch on the low of the triangule.

Daily Structure

Price could drop until 110.000 (Previous daily strong resistance level acting now as support)

4 Hour

Price has formed another triangule (green lines) which has been broken. Waiting for a re-test of the triangule.

1 Hour

Wedge formation (black lines) has been broken. Wait for a re-test on the wedge support broken, together with a re-test on the low of the triangule on 4 Hour TF and a re-test of the 15 EMA (orange Exponential Moving Average).
I am also waiting for a retracement between 38,2% and 50% level.
Good Luck!!!

Comment:

Setup no longer valid. The price come back inside the triangule and wedge. I am now trying to sell at the top of the triangule and wedge.

Comment:

Price is moving lower again. If the supports break again and re-test I will be looking for short again.

Comment:

I have re-entered the trade at 110.87 after the pullback to the zone, rejection and bearish engulfing candle on smaller time frames.

Comment:

Nice entry, directly into profit :):):)
Trade Closed. Profit Hitted. 57 Pips Profit