CHFJPY BULLISH ENGULFING ON WEEKLY TIME-FRAME
CHFJPY has been quite bullish for the last 4 months. Last week we saw it break resistance at 111.811 with a bullish engulfing candle on the weekly chart. This gives us a bias to look for buy opportunities on lower time frames.
WEEKLY CHART WITH BULLISH ENGULFING CANDLE IN BLACK
You can also see that we have been getting higher highs and higher lows on the weekly chart. This signifies CHFJPY is in an uptrend. This is clearer on the daily chart.
DAILY TIME FRAME
Here, you can see that market have found support at 111.811 which was a previous resistance level. Let's go look for entry points to go long on the 4 HR & ! HR time-frame.
4 HR TIME-FRAME
I drew another trendline on the 4 HR chart and also drew a blue horizontal ray over the previous high at 111.976. We might have a good opportunity to go long from there. We would go look for an entry opportunity on the 1 HR chart. If that fails then we will observe how price reacts to the 111.976 support level.
1 HR TIME-FRAME
A bullish engulfing has just been formed on the 1 HR chart. Let us take this as a buy signal to enter the market.
In conclusion,
CHFJPY: BUY
ENTRY: 112.560
STOP LOSS: 112.260
TAKE PROFIT 1: 112.974
TAKE PROFIT 2: 113.364
TAKE PROFIT 3: 113.777
WEEKLY CHART WITH BULLISH ENGULFING CANDLE IN BLACK
You can also see that we have been getting higher highs and higher lows on the weekly chart. This signifies CHFJPY is in an uptrend. This is clearer on the daily chart.
DAILY TIME FRAME
Here, you can see that market have found support at 111.811 which was a previous resistance level. Let's go look for entry points to go long on the 4 HR & ! HR time-frame.
4 HR TIME-FRAME
I drew another trendline on the 4 HR chart and also drew a blue horizontal ray over the previous high at 111.976. We might have a good opportunity to go long from there. We would go look for an entry opportunity on the 1 HR chart. If that fails then we will observe how price reacts to the 111.976 support level.
1 HR TIME-FRAME
A bullish engulfing has just been formed on the 1 HR chart. Let us take this as a buy signal to enter the market.
In conclusion,
CHFJPY: BUY
ENTRY: 112.560
STOP LOSS: 112.260
TAKE PROFIT 1: 112.974
TAKE PROFIT 2: 113.364
TAKE PROFIT 3: 113.777
Trade active
Comment:
2nd take profit target hit. Move stop loss to 112.974.
Trade closed: target reached
Move stop loss to entry at 112.560.