tacticalFX
Long

CHFJPY (H4): Retracement (Long) Likely to Happen

FX:CHFJPY   Swiss Franc / Japanese Yen
CHFJPY
Timeframe: H4
Direction: Long

Confluences for Trade:
- Strong Bullish Engulfing Candle
- Break of Trendline in H4 (Established since Sept 2018)
- Hovering around 50% Fibo levels of previous uptrend move
- Narrowing gap between 8EMA and 50EMA
- SL Levels is placed below the M/T Trendline (since May 2018) and 61% Fibo levels of previous uptrend move

However Stochastic is showing H4 is around Overbought conditions, you may want to consider to wait till the Stochastics re-balances itself before entering the trade.

Suggested Trade:

Entry @ Anywhere around Area of Interest (113.00 - 113.80)
SL: 112.17
TP: 115.95
RR: Approximately 2.21 (Depending on Entry Levels)

May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Comment: H4 Stochastics is almost close/at Oversold levels already, good opportunity to enter trade.
Trade active
Trade closed: stop reached: Stopped out, market is really very volatile now.

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