Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
on DAILY: Left Chart
CHFJPY is retesting the previous daily highs so we will be looking for sell setups.
Knowing that CHFJPY can still trade higher and break the zone upward.
That's why we don't sell blindly, we always zoom in to lower timeframes and look for the bears to take over.
on H1: Right Chart
CHFJPY is forming a channel in red but the lower trendline is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then sell after a momentum candle close below it.
Meanwhile, until the sell is activated, CHFJPY can still trade higher.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
on DAILY: Left Chart
CHFJPY is retesting the previous daily highs so we will be looking for sell setups.
Knowing that CHFJPY can still trade higher and break the zone upward.
That's why we don't sell blindly, we always zoom in to lower timeframes and look for the bears to take over.
on H1: Right Chart
CHFJPY is forming a channel in red but the lower trendline is not valid yet.
So we will be waiting for a third swing to form around it to consider it our trigger swing.
Trigger => waiting for that third swing to form and then sell after a momentum candle close below it.
Meanwhile, until the sell is activated, CHFJPY can still trade higher.
Which scenario do you think is more probable and why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
