With a Minor Pivot Stack in place with a narrow compression, this could be a good short.
There is still a major trend downward intact that seems to be weighing on the market.
As the price of the Swiss Yen cross continues to weaken, the old flash crash low is a nice target to shoot for as a profit target.
However, we don't want to be too greedy so place your profit target at a more modest level of 107.480
Go short if the price goes through 109.440 and place a stop loss at 110.310
There is still a major trend downward intact that seems to be weighing on the market.
As the price of the Swiss Yen cross continues to weaken, the old flash crash low is a nice target to shoot for as a profit target.
However, we don't want to be too greedy so place your profit target at a more modest level of 107.480
Go short if the price goes through 109.440 and place a stop loss at 110.310
Trade closed: stop reached
After being triggered on Jan 31, the stop loss has subsequently been hit. If you trailed the stop loss then all the better; regardless, the loss is small because the Pivots keep the risk reward favorable, and the stop losses at reasonable distances.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.