FX:CHFJPY encountered resistance, failing to close above its recent high and exhibiting signs of rejection. Despite bears reclaiming today's gains, retracement volume remains relatively low. Awaiting a more convincing volume, my strategy involves observing a retest of the 171.00 level. A bearish candle with significant volume at this point could serve as a sell signal. Exercise caution and stay vigilant for confirming indicators. Happy trading!
Comment
⋅
The current market displays a sideways movement following the formation of a new Bear Orderblock. While this suggests a bearish signal, caution is warranted. Despite the apparent bearishness, the accompanying volume lacks conviction.
The temptation to enter the market is understandable, but it's crucial to exercise restraint. It is advisable to wait for a confirming signal in the form of a high-volume candle. Staying true to our trading mantra, let's adhere to the principle of reacting to market cues rather than attempting predictions. Patience often pays off in navigating market uncertainties.
Order cancelled
⋅
The market did not show us a bearish signal for my short trade, instead it is now showing a bullish picture.
@Dene1987, I just realized that we got an upcoming news for JPY , I think it is better stay out of JPY for now and let's see how the chart looks after the news