CHFJPY Low risk trades on the 1D MA50 closing.
The CHFJPY pair is trading within a Bullish Megaphone for almost 4 months (since July 12) and is on a rebound on the 1D MA50 (blue trend-line). Technically it priced the Higher High of the Megaphone 2 weeks ago so this should be the bearish leg towards its bottom (Higher Lows trend-line). Especially since the 1D MA100 (green trend-line) broke last month for the first time since March 29th, the trend should start shifting more towards bearish on the long-term.
Since however our focus is more on the short/ medium-term, we will continue to take it a step at a time and as long as the price is closing above the 1D MA50, we will be bullish, targeting the top of the Megaphone again at 169.100. If however we get a 1D candle close below the 1D MA50, we will take the loss and sell instead, targeting the 0.786 Fibonacci retracement level (where the previous Higher Low was priced) at 161.900. Note that the 1D MACD is currently on a Bearish Cross, which favors selling. Still, our trading plan a low risk and high return approach.
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Since however our focus is more on the short/ medium-term, we will continue to take it a step at a time and as long as the price is closing above the 1D MA50, we will be bullish, targeting the top of the Megaphone again at 169.100. If however we get a 1D candle close below the 1D MA50, we will take the loss and sell instead, targeting the 0.786 Fibonacci retracement level (where the previous Higher Low was priced) at 161.900. Note that the 1D MACD is currently on a Bearish Cross, which favors selling. Still, our trading plan a low risk and high return approach.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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