CHFJPY
on the 12th of January, I had 2 ideas on CHFJPY, it gained momentum and broke up wards towards the key level i thought it would break by, 113.67 - 114.264 key level range so I closed my positions because the "M" pattern was broken
Then on Wednesday or thursday of last week, I opened another short from 114 but closed because I was too close to my stop...
On weekly, I see a large "M" which means a continuation of a downtrend. Here I have 2 ideas, I will trade the retracement of the 3rd impulse wave downward in that M. I was watching 1.305 but we have since broke below adding to my confirmation of M pattern my next target is 1.29 which marks the completion of weekly m pattern
Monthly: Bullish trend, over the last year it looks like a cup pattern which would be completed by a push to 113.670
Weekly: Bullish continuation from double bottom at 107.170 in september 2019, In the last few weeks we have area with a lot of movement between 112.5 and 111.3 in which we then broke above
Daily: Watching 112.74 as peak resistance before a...
I will not enter any current trades on this pair but below is my TA
4hr: key levels of interest: 1.30592 current level, 1.29390 area of interest of short, 1.31602 area of key resistance if trend continues bullish
daily: the latest trend has been bearish, with a large drop from 1.33026 to 1.29295 and rsi was clearly overbought and contradicting what i just said...
Weekly: major key level at 1514, we touched that level once and dropped from there, I can open a position in which i enter around 1509 with tight stop loss to gain any drop but also keep risk small if it wants to test that key level once again
4hr: I expect a drop to 1491 where we see a key level of resistance which may now turn to support
Yesterday we caught a nice short from 1.323 to 1.316.
Now I believe we are setting up for another short once again
On the monthly, it seems as we are following a descending trend
On the weekly, its looks as we might see a pullback at some point but i think it will continue downwards because I see a large H&S on the daily and 4hrly
I will target 1.303 as my take profit
strong support around 1482 gives me the idea will will see a retrace then a continuation in the downward trend maybe to the 1447 levels. Let me know your ideas & questions
