Trade Idea: CHFJPY Breaks Back Into Range
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: CHFJPY Breaks Back Into Range
All charts I provide are of the Daily time frame unless stated otherwise.
Key Levels: Broken resistance key level 109.62 with next resistance at the 111.94
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The CHFJPY pair broke out in momentum of the Daily key level of 109.62 back into the Daily range.
With a bullish bias once again that remains intact, I am watching for future bullish movement.
Potential Trade Idea:
I am considering buying this pair again if the broken key level of 109.62 now holds as a new support.
I will be looking for a strong bounce of this key level with a nice bullish reversal candlestick pattern.
(On this setup also may provide a 4-hour entry with a quick test of this key level)
This setup will have plenty of free space, giving the trade idea room to head higher to the next key level of resistance and top of the range.
There is one area of interest being a level of resistance to watch out for on the move back up, as marked on the chart above.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Want to know how I trade this setup?
Then check out my NFXT Superior Trading Course today.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.
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