Reasons:
- PIN BAR BULLISH
- 5 bounces off 91.86 support
- Trend shifted upwards
Order as below:
ENTRY: 92.44 (strong support on 4hr here so not quite 50% retrace which wouldve been 92.32)
STOP: 91.80
LIMIT:94.36
Risk/Reward: 3/1
Wednesday, 18 May 2011
CHF/JPY Analysis
Momentum has shifted to the bullish side on the daily timeframe. The pair seems to be ranging from 94.40s to 91.80s. The 4 hour chart shows we are in a bullish channel upwards and we have had roughly 5 bounces off 91.86 support. The daily timeframe also shows a bullish pinbar cnadle. I'll be looking to go long at nearest to 50% retrace of this daily candle as possible to target the top of the rang near 94.40s
Reasons:
- PIN BAR BULLISH
- 5 bounces off 91.86 support
- Trend shifted upwards
Order as below:
ENTRY: 92.44 (strong support on 4hr here so not quite 50% retrace which wouldve been 92.32)
STOP: 91.80
LIMIT:94.36
Risk/Reward: 3/1
Reasons:
- PIN BAR BULLISH
- 5 bounces off 91.86 support
- Trend shifted upwards
Order as below:
ENTRY: 92.44 (strong support on 4hr here so not quite 50% retrace which wouldve been 92.32)
STOP: 91.80
LIMIT:94.36
Risk/Reward: 3/1
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