Mandeep.Singh
Short

Shorting opportunity on CHF/JPY

FX:CHFJPY   Swiss Franc/Japanese Yen
33 0 4
9 months ago
This pair has been in an uptrend for a while. Whilst I think this uptrend will continue, in the short term, I believe price has tested a key resistance line and has failed to break through forming lots of long upper wicks showing selling pressure. We also have a nice rising wedge pattern which once broken, should head to the downside towards previous structure low before heading back up. The rising wedge is forming higher highs slower than it's forming higher lows. Stochastic is showing divergence and overbought conditions.

On the 4 hour chart there is a nice long legged doji right on the trend line acting as resistance and 15 minute chart shows a lot of indecision around this same trend line.
9 months ago
Trade closed: stop reached: Ended up being a continuation wedge. -49 pip loss.
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