After filling the gap, a break above 110.51 is a good buying opp
Date: May 4, 2018
Asset and TF: CHFJPY
Entry: 110.51
Exit/TP: 112.91
SL: 109.01
Profit/Loss:
Fundamental Analysis: As both currencies are safe haven during risk-off period where CHF react favorably that JPY, this trade will materialize in case of a risk-off event. If there will be no risk-off event, the market may continue to go down up to 108.75.
Technical Analysis: Forming a potential Bullish divergence. If the price comes back to the recent support level of 110.46 (which was broken), the momentum has shifted in favor of the bulls.
Risk Reward Ratio: 148 pips risk with 241 pips reward
Mindset: Given that the ADR for this pair averages from 60-73 pips, this trade may take a while to be completed. Potentially after 2-3 weeks.
Asset and TF: CHFJPY
Entry: 110.51
Exit/TP: 112.91
SL: 109.01
Profit/Loss:
Fundamental Analysis: As both currencies are safe haven during risk-off period where CHF react favorably that JPY, this trade will materialize in case of a risk-off event. If there will be no risk-off event, the market may continue to go down up to 108.75.
Technical Analysis: Forming a potential Bullish divergence. If the price comes back to the recent support level of 110.46 (which was broken), the momentum has shifted in favor of the bulls.
Risk Reward Ratio: 148 pips risk with 241 pips reward
Mindset: Given that the ADR for this pair averages from 60-73 pips, this trade may take a while to be completed. Potentially after 2-3 weeks.
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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.