CHF-JPY
Weekly Structure - Downtrend
Price is creating a triangule, has touched the descending trendline around 114.000 and is moving down to make another touch on the low of the triangule.
Daily Structure
Price could drop until 110.000 (Previous daily strong resistance level acting now as support)
4 Hour
Price has formed another triangule (green lines) which has been broken. Waiting for a re-test of the triangule.
1 Hour
Wedge formation (black lines) has been broken. Wait for a re-test on the wedge support broken, together with a re-test on the low of the triangule on 4 Hour TF and a re-test of the 15 EMA (orange Exponential Moving Average).
I am also waiting for a retracement between 38,2% and 50% level.
Good Luck!!!
Price is creating a triangule, has touched the descending trendline around 114.000 and is moving down to make another touch on the low of the triangule.
Daily Structure
Price could drop until 110.000 (Previous daily strong resistance level acting now as support)
4 Hour
Price has formed another triangule (green lines) which has been broken. Waiting for a re-test of the triangule.
1 Hour
Wedge formation (black lines) has been broken. Wait for a re-test on the wedge support broken, together with a re-test on the low of the triangule on 4 Hour TF and a re-test of the 15 EMA (orange Exponential Moving Average).
I am also waiting for a retracement between 38,2% and 50% level.
Good Luck!!!
Note
Setup no longer valid. The price come back inside the triangule and wedge. I am now trying to sell at the top of the triangule and wedge.Note
Price is moving lower again. If the supports break again and re-test I will be looking for short again.Note
I have re-entered the trade at 110.87 after the pullback to the zone, rejection and bearish engulfing candle on smaller time frames.Note
Nice entry, directly into profit :):):)Trade Closed. Profit Hitted. 57 Pips Profit
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