A successful breakout of the supply zone at the 144.00 area at the beginning of this month incited a strong bullish momentum. However, the character of the price movement during the course of last week's trading session insinuates a possible decline in the momentum as the reversal pattern evolves after multiple rejections of the 150.600 area. In this video, I have illustrated how I intend to trade the CHFJPY in the coming week.
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Comment
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Based on the current structure; I am looking forward to either a breakdown of the 148.100 or a breakout of the channel to the upside where I will be looking forward to seeing a rejection of the key level at 148.700 to sell.
Good morning
Trade active
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Price within the sell window (between 50 - 78.6% of impulse leg); looking forward to a reversal structure to anticipate a bearish move.
Good morning
Trade active
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MUltiple rejection of sell window by the sellers
Trade active
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Price action has continued in our direction... moving stop-loss
Good morning
Trade active
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Anticipate re-entry
Trade closed: target reached
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After being stopped out; re-entry hits TP(270pips)