Continuation short
Updated
We have been seeing JPY pairs fall since the 11th. CHFJPY is now presenting a possible short day trade opportunity. USDJPY has similar price action, but CHFJPY has clearer and more definite price action, showing a descending triangle broken and to be retested.
Note
Price barely tapped the resistance zone and made a move down. We didn't take the trade because:1. Sell signal appeared too far from expected zone
2. Would have had to extend SL to avoid stop hunt (which is happening now)
3. That would give a bad risk-reward ratio
Now that the aggressive traders have been stopped out, we can look for an entry
Trade active
Trade closed: stop reached
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