Hello traders !
The CHF/JPY is very bullish and here is why :
We're in an uptrend since 2012 the market is still in its bull cycle.
The price action is making higher highs and making an ASCENDING TRIANGLE which is a bullish pattern.
We're constituing a BREAKOUT BUILDUP. Every time we touched the white horizental resistance line, the price reacted aggressively. Now we're seeing that the price is consolodating directly below the resistance line without making a lower low or a lower high. This is called a breakout Buildup and this market is ready to continue it's uptrend.
I would trade this market through a break and retest approach as represented in the yellow move.
The first supply zone is from 146.000 to 147.272
The second supply zone is from 153.100 to 151.600
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If the price went down below the breakout buildup, then this pattern is likely to be invalidated and we're going to shift our focus to selling trades. The invalidation is confirmed by breaking the first trendline.
Follow & boost ❤️
The CHF/JPY is very bullish and here is why :
We're in an uptrend since 2012 the market is still in its bull cycle.
The price action is making higher highs and making an ASCENDING TRIANGLE which is a bullish pattern.
We're constituing a BREAKOUT BUILDUP. Every time we touched the white horizental resistance line, the price reacted aggressively. Now we're seeing that the price is consolodating directly below the resistance line without making a lower low or a lower high. This is called a breakout Buildup and this market is ready to continue it's uptrend.
I would trade this market through a break and retest approach as represented in the yellow move.
The first supply zone is from 146.000 to 147.272
The second supply zone is from 153.100 to 151.600
________________
If the price went down below the breakout buildup, then this pattern is likely to be invalidated and we're going to shift our focus to selling trades. The invalidation is confirmed by breaking the first trendline.
Follow & boost ❤️
Comment:
WOW! SUCH A BREAKOUT!
I hope you made some bucks out of it ♥
Follow me for more profitable ideas !
I hope you made some bucks out of it ♥
Follow me for more profitable ideas !
Scenario :
1) A fakeout and gets back to touch demand zones.
2) A breakout without retest.
3) A breakout with a retest.