Reasons for this trade:
1. It broke the trendline confirming a reversal for the downtrend
2. Its currently at a zone (78.6 - 88.6)
3. As long as it doesn't break the last high ( at the 100%) then this will be a nice bearish move
1. This pair broke trend via the trend line break
2. It created both swing points to place the fibs in a down trend
3. Patiently wait for entry in the yellow zone
4. I see a nice flip zone at the black zone.( An area in the market where it was once support and resistance)
CHFJPY SELL Market Execution
Also another entry at the weekly resistance
its currently rejecting in my conviction zone on the smaller fibs (the grey top zone)
if it breaks the lower grey zone, look for continuation for the drop or add another entry
if you want to learn more on FIBONACCI dm me "FIBWORK" on IG: wynneinspired
ON THE 1HR TIMEFRAME
PLACED FIBS FROM SWING LOW TO SWING HIGH WHICH GIVES THE BUY SETUP
WAIT FOR ENTRY AT THE BLUE LINES WHICH IS YOUR ZONE TO BUY FOR CONTINUATION
IT REJECTS OFF THE 618 PERFECTLY