CHFJPY Mid-Term Bullish View

TF: 8 HR

CHFJPY looks like it may have a nice up trend in the coming weeks. Some reasoning behind my view:

1. Price is currently forming and trading within a in a bullish descending wedge/megaphone pattern on the 8 HR time frame.
2. Along with this descending pattern, a inverted H and S pattern seems to be forming with it currently forming the right shoulder to potentially complete the pattern.
3. Bullish divergence can be seen on both the stochastic and RSI

I am planning to start opening small positions and build into a larger one once the price breaks the descending pattern and confirms. I am looking to build into this over the next few weeks.

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Watching for a breakout in this area

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Looks like strong rejection was encountered

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Maybe see some reaction here

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Possible bounce from that zone

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looks like the neckline area may hold here...It fits my system so I am going to open some more positions with some medium stops

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Might see some rejection here. May look to add at the bottom of the area if area is tested

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looking for another entry around 110.90 to 111.00 if price holds there

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Price drifted a bit lower to the trendline. I did not enter anything. i did close some of the postion around 111.21 earlier in the day and missed a few more pips. Current price may start to pullback here a bit

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Working out well

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Played out really well

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Target area was hit and I closed all remaining open positions on this pair mid day today. Price is near a strong resistance zone and I think we could see some selling here before anymore more upside.

MC_Mike_Trading

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MC_Mike_Trading

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