Final Uptick Ahead for CHFJPY?
Updated
Greetings Fellow Traders,
It appears many have taken short positions in CHFJPY, expecting the uptrend to reverse. However, my analysis suggests there may be one final bull wave still to come.
Before the trend turns, I anticipate CHFJPY could edge higher, testing stops and forcing additional coverings. To defend short positions, consider implementing a long hedge around 164 in case of a temporary spike.
Once this final bull wave peaks, a downturn is expected, perhaps as soon as Thursday. Be ready to close long hedges then and restore CHFJPY shorts. The impending sell-off could be sharp once momentum shifts.
As always, apply robust risk management - size positions appropriately and utilize stops. Markets can deviate from forecasts, so please do your own due diligence. I'm sharing my perspective in hopes it aids your research.
Wishing you insightful analysis and profitable trades ahead! Let me know if you would like me to modify the tone or any part of the message. I aimed to make it sound professional while communicating the key points clearly.
It appears many have taken short positions in CHFJPY, expecting the uptrend to reverse. However, my analysis suggests there may be one final bull wave still to come.
Before the trend turns, I anticipate CHFJPY could edge higher, testing stops and forcing additional coverings. To defend short positions, consider implementing a long hedge around 164 in case of a temporary spike.
Once this final bull wave peaks, a downturn is expected, perhaps as soon as Thursday. Be ready to close long hedges then and restore CHFJPY shorts. The impending sell-off could be sharp once momentum shifts.
As always, apply robust risk management - size positions appropriately and utilize stops. Markets can deviate from forecasts, so please do your own due diligence. I'm sharing my perspective in hopes it aids your research.
Wishing you insightful analysis and profitable trades ahead! Let me know if you would like me to modify the tone or any part of the message. I aimed to make it sound professional while communicating the key points clearly.
Trade active
The CHFJPY market has reached the expected level around 164 as predicted. For those who have opened buy positions to hedge existing sells, it is recommended to continue holding rather than closing out at this point.
The final wave of this CHFJPY pattern appears poised to extend further than usual.
We are currently in wave 5 of wave 3, so this fifth wave still needs to complete. It is advised to keep buy positions open until the termination of this final wave.
The expectation is for the market to push 150 to 200 pips higher before completing this wave sequence.
Therefore, there is potential for more upside that should be captured by remaining invested in long positions for now.
Note
For those traders that are in the wrong direction: I suggest that keep your Buy orders open until we reach to the point that confirming trend reversal.I will inform in the following comments.
Trade closed: target reached
In This point of market price reached to the highest point near the trendline, CHFJPY soon going to start its bearish. Needs time and soon will happen.
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