chfjpy could be a good sell somewhere here now.
On the weekly, the price has broken out of the ray line, and a 3 touch structure has completed itself even on the weekly. The scooping among the 3 touches is fairly equal though not ideally equal in distance.
As the price has broken clearly out of the weekly ray line, it might have collected the buy orders from the dumb money and the sell orders from the smart money.
On the daily, the 3 touch structure is complete too.
The same is true of the 4 hourly as well.
Now, we are waiting for a convincing/impulsive push downwards on the 1 hourly & the 15 minute charts. The same push may be visible on the 4 hourly as well, later on.
If this convincing push downwards happens, and a tight flag is formed either on the 15 minute or the 1 hourly chart, (6-8 corrective candles making 2 clear tops and 2 clear bottoms), I'll look for either a risk entry within the flag or a reduced risk entry on the break of the flag.
On the weekly, the price has broken out of the ray line, and a 3 touch structure has completed itself even on the weekly. The scooping among the 3 touches is fairly equal though not ideally equal in distance.
As the price has broken clearly out of the weekly ray line, it might have collected the buy orders from the dumb money and the sell orders from the smart money.
On the daily, the 3 touch structure is complete too.
The same is true of the 4 hourly as well.
Now, we are waiting for a convincing/impulsive push downwards on the 1 hourly & the 15 minute charts. The same push may be visible on the 4 hourly as well, later on.
If this convincing push downwards happens, and a tight flag is formed either on the 15 minute or the 1 hourly chart, (6-8 corrective candles making 2 clear tops and 2 clear bottoms), I'll look for either a risk entry within the flag or a reduced risk entry on the break of the flag.
Comment:
The scooping among the 3 touches is not equal in distance, but still, the 3 touches are good enough for a rejection off the trend line.
Comment:
The 3 touch structure is not ideal enough, in terms of equal spacing, but nevertheless, it is a 3 touch structure on the weekly, and clearly visible on the daily as well which is a huge tick in the box for a downward move on this chart.
Comment:
There is a 3 touch structure on the 1 hourly and the 15 minute charts as well, at the end of the larger 3 touch structure which is yet another tick in the box for a probable downward move.