wstipp18

Possible .786 Retracement LONG On CHFJPY

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
786
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4
786
As indicated by the horizontal blue lines, the market has broken above multiple areas of resistance. To make use of this I am applying the . 786 retracement strategy. I am waiting for the market to retrace to this level, then placing a long order with targets at previous structure and the stop loss below previous support which gives me a decent risk/reward ratio. We will see how this trade plays out throughout the next week day or two. P.S. Maybe it isn't such a good idea to place orders during the election, but oh well ;)