CHF/JPY (Daily Timeframe)
A high probability, entry to go SHORT is forming @ 116.154 after the market found resistance @ 117.772. Only the upward break of 117.772 would cancel this bearish scenario.
Stop loss: 117.772
Take profit 1: 115.199
Take profit 2: 113.581
Take profit 3: 110.944
Strategy: Bearish Trend Reversal
This is a follow-up on my previous publication as we are yet to find a headway (see link below for reference purposes)... Recall, I mentioned in my last publication that we are in a long term uptrend situation on this pair. However, it appears the price is going through a corrective phase that might incite the much-expected rally in the nearest future.
With 200 pips in our favour since my last publication, it appears we are close to another trading opportunity should the pattern transpose into expectations.
What appears to be a temporary Breakout of Y118.000 on the 15th Feb 2021 reveals that there is a strong presence to buying pressure around this area and could be a level to focus on in the nearest future for...
I posted this earlier in the week but made an error on my chart and was targeting the wrong zone.
Here, we can see price has now touched a good demand level, which meets all of my requirements for entry. We're now just waiting on price action to develop.
The Bullish run that begun mid-November 2020 gets caught and sandwiched in a Bullish rectangle pattern until it finally broke out of the range last week. This development hereby gives rise to a trading opportunity that we might exploit in the coming week(s).
Tendency: Uptrend ( Bullish )
Structure: Channel (Bullish rectangle) | Breakout | Supply &...
Potential long setup as price reacted from a strong support zone. Waiting for pullback to get a better entry.
This research is for informational purposes and should not be construed as personal or financial advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
60pips against us since my last publication on this pair (see link below for reference purposes); Price finally touches Y117.500 zone just like it did in August 2020 to make a Double Top structure. This was met with rejection followed by Lower Lows in the latter part of last week trading session.
Tendency: Downtrend ( Bearish )