CHFJPY | Perspective for the new week | Follow-up
With 200 pips in our favour since my last publication, it appears we are close to another trading opportunity should the pattern transpose into expectations.
What appears to be a temporary Breakout of Y118.000 on the 15th Feb 2021 reveals that there is a strong presence to buying pressure around this area and could be a level to focus on in the nearest future for buying possibilities but before this happens, find below my expectations;
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. The strong engulfing Bearish candle in the last couple of days after the breakout of Y118.000 is a sign that we might be experiencing "quick sells" - a correction wave in anticipation of a rally in the coming week(s).
ii. Since the beginning of the year buyers have done a great deal to keep price above Key level hereby confirming to us how powerful their presence is at this juncture in the market.
ii. In this regard, I have found two levels (Buy window I & II) to look out for buying options in the coming week(s).
iii. The Bullish Trendline on the weekly chart shall be a yardstick to maintain the Bullish bias as a Breakdown/retest of this line shall render this bias invalid.
iv. Now, if price decides not to reach any of the Buy windows, a close above Y118.000 could be a good opportunity to join the rally... Trade consciously :)
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:3.5
Potential Duration: 15 to 25 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
What appears to be a temporary Breakout of Y118.000 on the 15th Feb 2021 reveals that there is a strong presence to buying pressure around this area and could be a level to focus on in the nearest future for buying possibilities but before this happens, find below my expectations;
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. The strong engulfing Bearish candle in the last couple of days after the breakout of Y118.000 is a sign that we might be experiencing "quick sells" - a correction wave in anticipation of a rally in the coming week(s).
ii. Since the beginning of the year buyers have done a great deal to keep price above Key level hereby confirming to us how powerful their presence is at this juncture in the market.
ii. In this regard, I have found two levels (Buy window I & II) to look out for buying options in the coming week(s).
iii. The Bullish Trendline on the weekly chart shall be a yardstick to maintain the Bullish bias as a Breakdown/retest of this line shall render this bias invalid.
iv. Now, if price decides not to reach any of the Buy windows, a close above Y118.000 could be a good opportunity to join the rally... Trade consciously :)
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:3.5
Potential Duration: 15 to 25 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Comment:
Sharp rejection of Fr116.250... Looking for a Reversal set-up to join rally
Trade smart. Trade consciously
Good Morning and Stay tuned in!