CHFJPY Short
Updated
MARKET PHASE
CHFJPY is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
Price continued to break new highs within this corrective structure. Eventually, price reached an area where sellers stepped in, resulting in a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. During London session, price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has started it's initial move down but due to the velocity of the downward move, it's gapped some orders around 170.280. Price has retraced to this level to capture additional supply.
TRADE
I have entered short onCHFJPY with the following parameters:
Sell Limit: 170.280
Stop Loss: 170.490
Take Profit: 169.860
CHFJPY is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour).AREA OF VALUE
Price continued to break new highs within this corrective structure. Eventually, price reached an area where sellers stepped in, resulting in a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. During London session, price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has started it's initial move down but due to the velocity of the downward move, it's gapped some orders around 170.280. Price has retraced to this level to capture additional supply.
TRADE
I have entered short on
CHFJPY with the following parameters:Sell Limit: 170.280
Stop Loss: 170.490
Take Profit: 169.860
Trade active
Trade closed: target reached
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