NextForexTrade
Short

SHORT Trade Based On Price Action

FX:CHFJPY   Swiss Franc / Japanese Yen
This is a trade setup based on timeframe agreement and price action.

Looking at the relationship across the timeframes, these are some of the things to take notice of:

====DAILY CHART====
The daily chart shows good evidence of bearishness: there are lower lows and lower high; and the price was recently overbought, interacting with the upper linear regression channel.

====LOWER TIMEFRAMES====
The lower timeframes agree with what we are seeing on the daily chart , producing lower lows and lower highs.

====STOPLOSS PLACEMENT====
A conservative level for stoploss would be above the previous lower high on the daily.

====PROFIT TAKING====
A 1:1 reward-to-risk appears achievable, although the daily does indicate scope for the price to move beyond that.
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