Hello traders, have a nice sell setup on chfjpy Price was on a previous reistance with a 0.50 fib retracement level, next move might be the the demand at the bottom which also has fib confluence and might just be the target for the broadening bottom Cheers
Price is still below trend in demand with three possible entries above
AkashGaur
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yes that could be a good sell setup to my understanding if it does reach one of those levels
kate25
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1hr there is supply at 124.28
AkashGaur
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i never noticed that earlier but now that you mentioned that could also be a potential reversal zone but then again it appears that it also broke the trendline
AkashGaur
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however if you look on a daily there is no structure at that level at all, which makes me think that if there is a correct it might not be a big one
AkashGaur
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sorry on a second view there is some structure on a daily too. will have to keep that in mind
kate25
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Hey Akash, I am just starting to look at this one
kate25
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I think you may be correct price may race to the bottom trend line, however if it does pull back into that supply it might be worth taking a short position in it there
AkashGaur
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i will have to look into a better entry myself since i missed the initial entry that was the resistance
lets see how this plays out