CHFJPY Long Trade Setup... Maybe This Time.

Hello traders.

This is my 4th long trade setup idea. The first idea stopped out with 1% loss, other 2 were canceled because it made lower lows. Now, we have new on.
I have an entry order above last top with a stop loss below the last bottom. I'm trying to catch the daily up impulse. It will be a very big wave. The possible target is 123.
Hopefully, it will make a bigger correction, before it goes up. So, a trade with the greater risk-to-reward ratio can be found.

Please check the related ideas for more details.

If you think this is a valid forecast and good trade setup, please hit the like button and share.
I appreciate that if you leave a comment and let me know what do you think about this idea.

Trade with care...

Trade active

Comment:

It isn't going up, so there is no momentum for upside. I think the trade can be closed manually, but I decided to keep it on. I will move the stop loss to break even if it breaks the previous top.

Comment:

I still believe it's making a correction. If you don't have this trade, wait for the breakout before taking any long trade.

Comment:

Move stop loss to breakeven. The structure between yellow lines can be a completed correction (contracting flat). So it can break the previous bottom. But I'm not closing my trade manually, because there is still a good chance for an impulsive up move.

Comment:

Comment:

After the sharp drop, I can say that it made a correction for one more drop. Now, I'm waiting for a small correction as a confirmation. Then I will close my trade with some profit.

Comment:

It makes sharp moves in both directions. Just wait and see.

Trade closed: stop reached:

Breakeven trade. I will take another long trade after it breaks the previous bottom.