Chfjpyshort
CHF/JPY approaching resistance zone💡Hello traders,
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CHF/JPY has is approaching resistance zone. Price has been rejected from this area serval times in past. We will closely monitor this pair to see if price will be rejected again.
Let us know what you think about this idea.
Trade safe !
7 reasons to short CHFJPY ... but nothing is 100% in trading.
1. On the daily chart, note at least 4 recent attempts to go above 114.600.. all failed. In fact you would need to go back to Oct 2018 to see higher price.
Now on the H4 chart:
2. Price moving perfectly within a descending channel.
3. A sequence of lower highs and lower lows has been forming over the last 7 trading days, while price has respected the channel all the time.
4. Price is now at a significant level 114.000 and you can clearly see indecision after a bullish move.
5. For the channel to be respected again, a down move must follow.
6. If you have a bearish bias, taking a short at the top of a channel is the ideal location.
7. R/R of 5 or more is on offer, if this trade works out.
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As always, please use sound risk and money management in all your trades.
CHFJPY BIG SHORT INCOMING?!ENG
- Price reaching our FIB reversal area, having the ex-supportive trendline as an extra resistance, we are expecting a reversal from this area, however, if we get a break we will be looking for an entry at our HH.
PT
- Preço a alcançar a nossa zona do FIB à qual achamos promissora para um reversal, tendo também a nossa ex-supportive trendline a ajudar como uma resistencia extra, estamos à espera de um reversal nesta area mas em caso de quebra, iríamos procurar nova entrada no HH atual.
CHFJPY, 4-hour timeframe, double top patternBased on the 4hr chart we could see there is a potential double top pattern on this pair.
Previously this pair moving up inside a neat uptrend channel. During the last 3 trading days starting from thursday, friday, and monday, price managed to move below the channel and probably gonna make a lower high.
Currently price hovering around 114.30-114.35 area which is the 78.6 fibonacci retracement from the recent drop
Sell CHFJPY 114.30-35
Stop loss 114.80
Take profit 1 @113.35
Take profit 2 @112.20
good luck