CHFJPY apparently is starting a bearish run with first LH and LL. But before jumping onto the bearish trend conclusion, I have done a deep technical analysis on this chart. The CYAN colour line represents ABCD Bearish Reversal Harmonic pattern which is drawn on a 1D time frame chart. At point B (of ABCD @ 1D time frame chart) there is a bearish divergence. Due to that divergence the trend is showing reversal from point D. Now, to get the results early and to make full use of the downward trend (as it will follow towards point C) I have done analysis on 1H time frame chart. There I noticed LH and LL supporting my analysis of 1D ABCD.
The Signal is:
EP: 179.544
SL: 179.952
TP: 179.136
RR: 1%
Lots: 0.37
The Signal is:
EP: 179.544
SL: 179.952
TP: 179.136
RR: 1%
Lots: 0.37
Trade closed: target reached
TP Hit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.