Analysis
This may look a little confusing with all the trendlines and arrows, but it is very simple; what i am expecting now is at least a retrecement of the down trend, i said at least, because there is a possiblity (from my point of view) of price resuming the long term up trend now. If it does retrace, and gets rejected off the channel, i marked with the blue box where i think is a nice zone for price to reverse, and continue its way up. For the moment we have divergence supporting the up move.
Plan
I'm buying chfjpy trying to anticipate the potential move up, so stop is below last swing low, will put it break even as soon as possible, and take profit if price shows signs of getting rejected off the channel.
sl: 11229
tp: daily upper channel trendline
tp2: weekly (green) upper channel trendline
This may look a little confusing with all the trendlines and arrows, but it is very simple; what i am expecting now is at least a retrecement of the down trend, i said at least, because there is a possiblity (from my point of view) of price resuming the long term up trend now. If it does retrace, and gets rejected off the channel, i marked with the blue box where i think is a nice zone for price to reverse, and continue its way up. For the moment we have divergence supporting the up move.
Plan
I'm buying chfjpy trying to anticipate the potential move up, so stop is below last swing low, will put it break even as soon as possible, and take profit if price shows signs of getting rejected off the channel.
sl: 11229
tp: daily upper channel trendline
tp2: weekly (green) upper channel trendline
Comment:
Still on this trade, it does not look to go nowhere, i may close this position and try again at a lower price
Comment:
break even