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 ________________ 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 ❤️
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We're breaking out! Scenario : 1) A fakeout and gets back to touch demand zones. 2) A breakout without retest. 3) A breakout with a retest.
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WOW! SUCH A BREAKOUT! I hope you made some bucks out of it ♥
@TyrusL, Yes ! Where do you think about the entry and exits should be ?
TyrusL
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@Pleased_Owl, Entry 1.16339 is consistent with the model estimated daily high of approaching 0.76% so I will start building into my position there I do think there is a risk that it will be entering a distribution phase, so I don’t want to jump all in and risk a margin call while other market participants are moving the price back and forth. Does that make sense. Short answer is I am going to start building my position around 1.16339 once I finish with this risk model I will let everyone know what kind of VAR ill be looking at but it shouldn’t be much.