Long setup CHFJPY
timeframes used: 4h & daily
After a fast paced HH price made a round correction, almost 50% Fib, which is the "cup" of the cup and handle formation.
This retracement was followed by a higher high, which is untypical for a Cup and handle formation, but it doesn't really matter.
My plan is to go long on the retest of the broken support area and go for a TP about the size of the cups depth. The depth of the cup combined with the 4h key lv equals my TP.
Entry: Combination of OB, support and daily key lv.
Take Profit: depth of cup approximately equals size of bounce, so depth of cup + 4h key = TP
Stop Loss: beneath 4h key support
After a fast paced HH price made a round correction, almost 50% Fib, which is the "cup" of the cup and handle formation.
This retracement was followed by a higher high, which is untypical for a Cup and handle formation, but it doesn't really matter.
My plan is to go long on the retest of the broken support area and go for a TP about the size of the cups depth. The depth of the cup combined with the 4h key lv equals my TP.
Entry: Combination of OB, support and daily key lv.
Take Profit: depth of cup approximately equals size of bounce, so depth of cup + 4h key = TP
Stop Loss: beneath 4h key support
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.