Multiple bullish patterns are visible on the CHFJPY 1 Hour time frame. The pink bullish pattern completed point D at the BC 0.50% Fib. retracement level where the pattern triggered BUYS. Blue bullish AB=CD pattern also triggered BUYS in the area. If looking to trade CHFJPY traders should look to BUY near this level which will offer a better risk/reward trade setup. Traders should also watch to see if price respects the Dynamic Support 200MA. If price respects the Dynamic Support 200MA it will add more bullish confidence to the BUY trade. Indicator is also showing possible bullish divergence which can be a signal that the pair could also be getting ready to push higher. Pink bullish pattern is invalidated if price moves below point B of the pattern but for this BUY trade setup Stop Loss will be set at 121.60. If price bounces higher then watch for green target levels to hit. We remain bullish for now and we expect for the pair to extend higher towards the 1:1.5 to 1:2 RR 122.60 – 122.80 area.
CHFJPY 1 Hour Chart 6.11.2021
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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