CHFJPY Quick Short Trade

FX:CHFJPY   Swiss Franc / Japanese Yen
CHFJPY             has shown a rejection at the high of last week. I hope for a quick 40-50 pips (Target 1 around 104.20)
before exiting the trade
Comment: Trade is switched to breakeven now
Comment: Pair has moved by +100 pips. Switch SL to 104.35
Comment: Trade closed with 80 + pips as soon as the line broke
can you explain the red line strategy?
NavidDavani NavidDavani
I guess it's a line from c crossing a specific ratio (.5, .618, .886 which one?) of the line parallel to XA from D?
I noticed this type of profit target is special feature of shark pattern among harmonic patterns.
Snehath NavidDavani
Its a simple trendline protection. Once it breaks above the line, I will take my profit. It is simply drawn with a 45 degree line from the candle you take the trade.
Snehath NavidDavani
I will also now draw an accelerated trendline joining the tops of the downward movement. If this breaks, I will exit the trade.
+1 Reply
Snehath prince125700
40 pips above X
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