Hello everyone, if you like the idea, do not forget to support with a like and follow.
CHFJPY traded lower aggressively due to FOMC last week. NOW WHAT?
CHFJPY is approaching our long-term red trendline acting as non-horizontal support.
Moreover, the area 118-119 in green is a "Resistance turned into Support".
So the highlighted purple circle is a very strong area to look for buy setups as it is the intersection of support in green and the red trendline.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle (area) to look for possible buy setups (like a double bottom, trendline break , and so on...)
Unless CHFJPY breaks the 118-119 zone downward aggressively with many big bearish candles, then it will become resistance again and we will be looking for sell setups on its retest.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
CHFJPY traded lower aggressively due to FOMC last week. NOW WHAT?
CHFJPY is approaching our long-term red trendline acting as non-horizontal support.
Moreover, the area 118-119 in green is a "Resistance turned into Support".
So the highlighted purple circle is a very strong area to look for buy setups as it is the intersection of support in green and the red trendline.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle (area) to look for possible buy setups (like a double bottom, trendline break , and so on...)
Unless CHFJPY breaks the 118-119 zone downward aggressively with many big bearish candles, then it will become resistance again and we will be looking for sell setups on its retest.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich