Chfjpy looks like a strong breakout pullback setup clearly represented by a red trendline wherein a strong support is broken and retested again as a resistance with a candlestick confirmation popularly known as bearish pinbar. The whole area represented by pink colour is a strong confluence resistance zone wherein the 200 EMA is also coinciding with the trendline and the pinbar closing is also below 38.2% fibonacci level. All the above things are coinciding at the same area representing it as a strong resistance zone.
As this trade is in a weekly timeframe, so its mainly directional based. Long term traders can take this trade and can keep trailing their stoploss till the target is acheived whereas short term traders can trade in the same direction along with booking small profits everytime. Personally i prefer entering and exiting in 4 hr timeframe after deciding the direction in weekly timeframe
As this trade is in a weekly timeframe, so its mainly directional based. Long term traders can take this trade and can keep trailing their stoploss till the target is acheived whereas short term traders can trade in the same direction along with booking small profits everytime. Personally i prefer entering and exiting in 4 hr timeframe after deciding the direction in weekly timeframe