CHFJPY: Still Bullish! How to Catch the Wave??? Long

Swiss Franc/Japanese YenFXCM

Description

⋅ Jul 29, 2020 6:56 AM

CHFJPY is retesting a key daily structure.
the price has been rejected from that level first and then formed a dodji candle.

on 4H the price is consolidating within a bearish flag pattern formation.
now the price is trading within a 4H structure support zone matching with a daily level and fib.confluence of the last two bullish legs.

to catch the next bullish wave we must wait for a bullish violation of the flag (4H candle close above its resistance)
then we can buy on retest or aggressively.

initial goal will be:
115.24

stop below the last low within the flag.

in case of a bearish violation of 4H yellow structure area, setup will be invalid.

Comments

InkyGrip

⋅ Aug 6, 2020 3:53 PM

good view, thanks for sharing 🚀

Mfundonhle

⋅ Aug 1, 2020 5:10 AM

Wow good analysis

FXCM

⋅ Jul 30, 2020 9:38 AM

thanks for sharing, this is what I see on CHFJPY:

VasilyTrader

⋅ Jul 31, 2020 9:47 AM

@FXCM, good outlook!

transparent-fx

⋅ Jul 29, 2020 10:36 PM

I absolutely agree, also on the 4h now the structure is also shifting back the upside

VasilyTrader

⋅ Jul 31, 2020 9:47 AM

@transparent-fx, good!

simtrader19a

⋅ Jul 29, 2020 1:59 PM

Nice work Vasily
Good old fashion trend line break in a long term up trend

VasilyTrader

⋅ Jul 29, 2020 3:48 PM

@simtrader19a, good outlook!

lightningmouse

⋅ Jul 29, 2020 11:42 AM

Looking good! Actually got a long on this at 114.670 but i might get a another smaller lot size long on the 114.039. Hoping for the best, nice analysis man!