ForexPhantom
Long

CHFJPY - Another buy. Another Try.

FX:CHFJPY   Swiss Franc / Japanese Yen
My last CHFJPY trade didn't work out. In hindsight I misinterpreted the chart completely. It shows once again how vital it is to have a working money management in place. I personally don't worry too much about a bad trade.

I give my initial idea (see related ideas) another try. I am posting the daily chart for the sake of simplicity, the trade is based on the 4H though.

The trade is based in my simple price action approach; The uptrend is intact, the 200EMA serves as a pivot . My guess is that we'll re-test the latest high - at least. There is a very good chance we will see higher levels if that is the case but I stay disciplined and work with set stops and take profits.

This whole idea is neglected if we break the last low. A break of the trend line isn't too much of a worry if the last low stays a higher low!

God speed!
Trade active: Going long
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