Wednesday, 6 July 2011

CHF/JPY Analysis

Bullish pinbar has formed on the daily timeframe. Bullish momentum seems to be still rising and there are a few signals that back the bullish case

This pinbar has formed off 96.10 support which was previous resistance for the last couple of months. Trend is bullish overall as well. 8ema provides support on the same point as the 96.10 support line

Order to go long as per below:

STOP: 95.82
ENTRY: 96.25
LIMIT: 97.75

RISK/REWARD 3.5/1

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1 comment:

  1. Tee Man7 July 2011 at 22:28

    Got stopped, went 2 pips under my stop then turned back up

    produced a bullish looking candle again but im gonna hold back on entering here until we see some clear air above. there seems to be a lot of resistance at the 96.40 area so until this is broken, im holding fire

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