CHFJPY - TIME FOR A LONG ENTRY

7 Feb

Symbol - CHFJPY

CMP 167.28

CHFJPY is currently trading within a key support zone, which has been acting as a major support area since November 2023. This level has provided a solid foundation for price action, and its importance in maintaining the current bullish trend cannot be understated.

In my analysis, CHFJPY is presenting a good opportunity to initiate long positions at this juncture. The current price level appears to be well-positioned for upward movement, making it an ideal entry point for traders looking to capitalize on potential gains.

However, there are critical levels to monitor for the potential shift in trend. A breakdown below the 166.30 area could prompt further selling pressure, and a sustained move below 165 would confirm the transition from a bullish to a bearish trend. In such a scenario, a retest of this breakdown level would provide a viable short trade opportunity.

On the other hand, in the case of a recovery, which I am expecting, CHFJPY could see a rise toward the 169.20 and 170.30 levels. These levels represent key resistance points, and a successful breach of these zones could signal a continuation of the bullish trend.

Key Resistance levels: 169.00, 170.30
Key Support levels: 167.20, 166.30

8 Feb

Dagangan aktif

CMP 166.40

Adding more position here.
Holding with SL 165
I am still expecting it to move up after capturing liquidity from support area.

11 Feb

Nota

CMP 166.76

Trading at cost.

12 Feb

Nota

CMP 168.25

As I talked about liquidity capture, Exactly same scenario played out.
It gave false breakdown of support zone & after liquidity sweep, Now headed higher.
Long position +150 pips in profit now.
Holding with CTC SL.

13 Feb

Dagangan ditutup: sasaran tercapai

CMP 169.33

Trading idea worked as anticipated.
First target reached.
Long position +257 pips in profit.