CHFJPY possible scenarios
Updated
Okey guys, soo CHFJPY is at veery delicate level, tbh I don't have any idea what this pair will do from here, that's why I will wait for more price action and then i'll react to it.
So let me go in details about these setups:
Setup 1:
So 50EMA is on the same level on 1H and 4H, so if we see a breakout to the downside be sure to enter short on the next adequate pullback, maybe something like I've shown on the chart.
Setup 2:
So, this one is obvious for reasons, BUT if price reach this zone, enter only if candle rejection is shown, that means wicks to the upside especially, in other words be sure to see seller pressure at this level, because there is a big chance to see a continuation to the upside.
Setup 3:
IF price breaks the DTL, the last significant high and the daily 4HEMA, I'll be looking for any pullbacks for long for sure.
I know it is a bit confusing, but right now the price stays at very unclear level, so make sure to react if price manages to do something from above :)
So let me go in details about these setups:
Setup 1:
So 50EMA is on the same level on 1H and 4H, so if we see a breakout to the downside be sure to enter short on the next adequate pullback, maybe something like I've shown on the chart.
Setup 2:
So, this one is obvious for reasons, BUT if price reach this zone, enter only if candle rejection is shown, that means wicks to the upside especially, in other words be sure to see seller pressure at this level, because there is a big chance to see a continuation to the upside.
Setup 3:
IF price breaks the DTL, the last significant high and the daily 4HEMA, I'll be looking for any pullbacks for long for sure.
I know it is a bit confusing, but right now the price stays at very unclear level, so make sure to react if price manages to do something from above :)
Trade active
Alright, price pushed to the upside from our starting point so scenario 1 was out of the game, then after it reached the S/R zone and the ceilling of the DTL, price could've either make a breakout or rejection and x3 4H candles later we saw rejection from the zone, so scenario 2 was in play and I've sold from there. Now price has settled at 4H 50EMA and from here again we can see continuation to the upside ooor tanking down. To be risk free I placed my SL at BE(breakeven)
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