CHF/JPY Short, thanks sgarciafx.
Updated
Sell should be confirmed only when a bearish candle CLOSES outside of the upper trend line AND the red EMA. A good confirmation will be if the RSI will cross under 40 the moment the candle closes under the EMA. A sell should then be confirmed and held until the first TP, which should be the old support line. If line is crossed, hold sell.
Thanks to user sgarciafx and check his charts too, I saw his chart and I am simply confirming under a different strategy, but could not have even checked this pair if it would not have been for his chart!!
Thanks to user sgarciafx and check his charts too, I saw his chart and I am simply confirming under a different strategy, but could not have even checked this pair if it would not have been for his chart!!
Note
Possible rebound, proving that the red EMA became the new resistance. I did not open sell yet since RSI did not cross 40.Note
As shown many times, the market loves round numbers. If you look at the 5 min timeframe of this pair you can see that 118.00 is giving us a little bit of trouble. If you open a short anywhere above it, keep an eye on the crossing of 118.00 before worrying about 117.90 to 117.85Note
117.85 target hit. I did not take the trade. We might experience a rebound to 1118.08 before another drop. Check the 50 EMA on the 15 min and the 30 min timeframe, the candles should find resistance there for the downtrend to continue. A crossover between EMA 50 and EMA of 3 or 4 can help keep track, but it is a risky move. Just follow the trend and look at the 50 EMA for confirmation.
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