FYNTEK | New Eden Investments -> CHFJPY LONG
Updated
CHFJPY
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Looking at a bit more CHF pairs, we can note their stability as a safe haven function when the rest of the market is in dissaray. We've created a very nice demand zone which as been highlighted, ideally we want to see a break retest of the current support and key level area to continue downwards and pick up liquidity from this demand. The ideal order would be 50% in on this demand, to further minimize SL size and get a better RR. We also see this descending TL that was broken with a wedge formation, indicating a possibility of a retest.
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Looking at a bit more CHF pairs, we can note their stability as a safe haven function when the rest of the market is in dissaray. We've created a very nice demand zone which as been highlighted, ideally we want to see a break retest of the current support and key level area to continue downwards and pick up liquidity from this demand. The ideal order would be 50% in on this demand, to further minimize SL size and get a better RR. We also see this descending TL that was broken with a wedge formation, indicating a possibility of a retest.
Note
Same concept as the UCHF, we have now broken through the structure on the downside. Awaiting 4H close if we can catch the retest to make out way to the demand area to catch the long.Note
No retest just yet on the pair, we could straight be going to the demand for liquidity to continue back up. its lighning up for a nice potential long next week.Trade active
The retest hit and we're hitting a nice 50 pips running short. With a standard SL of 50 pips this would be running a total of 1 RR.Trade closed manually
Taken out the final runner of this position at 65 pips to close off for a nice 1.2 RR. Now awaiting the long to be looking for the demand to go back up. Will post a new chart once that opportunity arises.Trade active
The long from the area doing between 30 or 50 pips depending on proximal or distal entry. Closing full on the long for 2 RR or 3.5 RR
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