CHFJPY Long TradeMARKET PHASE
OANDA:CHFJPY is in a long term uptrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
Price continued to break lows within the corrective structure until it began to hold the bottom. There was a buildup of liquidity (sell stops, shorts, long order stop losses) below the corrective structure swing lows. Price violently moved down to trigger the sell stops (liquidity) to pair against the buy orders needed to take price up. Price has now started it’s initial move up but due to the velocity of the upward move, it's gapped orders around 168.624. Price may retrace back to this level to meet the demand on Sunday night EST or during the first London session next week. Once price reaches this level, we can expect a strong push upwards in the direction of the larger trend.
TRADE
I've placed my buy limit order on OANDA:CHFJPY as follows:
Buy Limit: 168.624
Stop Loss: 168.384
Take Profit: 169.104
RISK MANAGEMENT
R Ratio: 2
Equity at stake: 1%
Trail SL to 50% @ 1R
