Look at this currency pair, it’s the clearest of them all
Hey trader, how is your trading so far this week?
As you already know I make a list of the clearest currency pairs to trade each day…
I try to focus on those pairs that have clear S&R levels + clear swings…
I see it this way… Trading is a probabilities game right? Ok, So I try to put the probabilities on my favor on each aspect of trading:
- Long term charts
- Short term charts
- How I manage my SL
- Keep adding to my trade
So what I’m doing here is putting the probabilities on my favor, and I know the market might go against me once or twice, but at the end, the probabilities will do its job, and I’ll come ahead.
What do you think?
Anyway… Here is one of the clearest pairs to trade today!
CHFJPY Long Term analysis
Here is the daily chart:
This chart is self explanatory, it’s clear that the CHFJPY broke through an important support level, so that means that it is likely to continue its way down, at least until it reaches its next LT support level which is at 109.34 (it is currently trading at 112.45).
So we’ve got plenty of room to look for our trade don’t we?
Now, lets take a look at the short term charts:
CHFJPY Short Term Analysis
Here is the hourly chart:
It’s also clear that it broke through the bottom of the range triggering a bearish condition. This confirms that I’m going to be looking for short opportunities.
So my plan right now is to:
- Wait for a retracement to the ST resistance level at 112.63 and take a trade from there if I get significant downward pressure.
- Or if it retraces back and we don’t get downward pressure we could take the breakout of the previous low.
What do you think about the CHFJPY? Are you going to trade this signal?
What other pairs are you monitoring?
Share your thoughts.