StenB

CHF/JPY: POSSIBLE ABCD PATTERN!

OANDA:CHFJPY   Swiss Franc / Japanese Yen
**DISCLAIMER**
DO NOT TAKE THIS AS A BUY OR SELL SIGNAL. THIS IS MY VIEW FOR THE MARKET!


Hi everyone,

As you can see on the chart, there might be a possible ABCD pattern going on. Not only that, there also was a double-top spotted!

Before we go into the possible ABCD pattern , i want to take a look at the support that became a resistance later on. It spiked back to the previous top, which formes a double-top! So, support became resistance. That gave me a clear reason to think it might go down further! So why do i want to short at the resistance level? Because that was previous support. Support becomes resistance remember! The resistance level is also close to a 61.80% fib retracement level! Cool right? ;)

To make things clear and short: It might go a little bit above my short order but, i dont see any reason to "panic" then. Because it needs to break the 100% fib retracement level, and ofcourse: HIT MY STOP-LOSS. I don't want to make this analysis description any longer, let the picture further speak for itself :)

(This is just the paper-trading. I do not invest real money in this trade!)

Once again, do not take this as a buy or sell signal. If you do, i am not responsible.

Thank you for taking your time. If i made a mistake, drop a comment with a argument. If something is unclear to you, or if you have any questions left, please drop a comment too :)


StenB.


Jun 20
Trade active: Hit my short-order. Let's see how this turns out!
Jun 22
Trade closed: stop reached: Hit my stoploss :(
still nice work
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