The CHFJPY pair has been showcasing a significant breakout early this year, surpassing the crucial 170.500 level. After reaching a peak at 171.484, it retraced to 169.766, where it demonstrated a classic "base-rally-base" price action, underpinned by substantial volume, confirming its bullish momentum. As it now positions itself above the 170.500 mark once again, the bias is leaning towards a breakout beyond the previous high of 171.484. This movement suggests a robust potential for further bullish advancement, making it a focal point for traders eyeing substantial opportunities in the currency markets.
Trade active
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reached my initial T/P level @ 171.211 I set my Trailing Stop to Today's Open
Trade active
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As the CHFJPY continues its journey above the significant 170.500 level, I remain steadfast in my bullish bias. The key to this conviction lies in the harmonious relationship between price action and volume – the fundamental elements of my trading strategy.
Trade closed: stop reached
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Closed position at the Today's Opening Price. Failed to Break above the 171.484
I still got 1% of the risk as profit for this set up.
Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution. From mod @Bravetotrade
Atan_235
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@Bravetotrade, thanks. I'll use it as a journal. It is good to express what you think into words. I also found that the community is positive and respectful to ideas posted and I believe that we all understand that ideas are just personal opinion/analysis of the user. right? Cheers!
Hope you will be having great experience.
Thanks for your contribution.
From mod @Bravetotrade