CHFJPY – is this pretty picture tradeable?? … the week of 18/09
Updated
These lines I drew make a pretty picture for sure 😊. But the big question is am I reading the price action correctly and are my expectations reasonable? We will find that out soon. My daily chart shows clearly how I read the movement in this pair so far and what I expect next. However, here are a few main points:
Triple top followed by a series of lower highs.
About 8 weeks of consolidation, higher prices not accepted by the market.
Price contained between a downward sloping trend line and a horizontal one at 164.00
A squeeze to the downside is in progress and IMO a breakout as shown will likely occur. I will be monitoring H4 and H1 charts to confirm if this does happen. Monitoring PA in other JPY crosses will also be useful.
A good level to target will be around the 160.00 area.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
Triple top followed by a series of lower highs.
About 8 weeks of consolidation, higher prices not accepted by the market.
Price contained between a downward sloping trend line and a horizontal one at 164.00
A squeeze to the downside is in progress and IMO a breakout as shown will likely occur. I will be monitoring H4 and H1 charts to confirm if this does happen. Monitoring PA in other JPY crosses will also be useful.
A good level to target will be around the 160.00 area.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade active
I decided to be aggressive and took a short when price touched the trendline at/near 164.90. Will report back at the end of the week.Trade closed manually
The aggressive entry did not work, trade closed. Will monitor this chart in case an opportunity develops as per my original plan.Trade active
The retest entry worked perfectly, trade now in profit.
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