CHFJPY - Long then Short

Updated

Overall setup looking at shorting CHFJPY as a swing trade, drop down to the hourly chart and you can see a clean 1000 weighted moving average bounce. This bounce indicated a rejection of prices that low; i am expecting it to retest this range structure. If structure is broken to the topside it will be an excellent long opportunity and if structure is not broken then i will be looking at adding some shorts.

Note

Short position has been entered. Looking for two target areas on the daily chart. 1st would be previous structure and 2nd will be the gap in April

Note

Target 1 has been hit, closed half of my position on the swing trade. I will let the remaining half ride down to target 2 if it chooses to continue.

Note

price has broke Target 1, and went down to the monthly S1 as expected. Non Farm Payroll saw the spike to retest S1 after breaking, used this spike to open another short position. Target 2 is likely on its way in the following week.

Trade closed manually

Trade was closed at 114.254 on Friday 8/25, if price wants to break the low on the hourly chart i will consider re-entering after a retest.

Jroge107

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