Today I will be looking to SELL the CHFPY above 149 on any 15min
Today I will be looking to SELL the CHFPY above 149 on any 15min or 30min signal on my Price action signal indicator and will target Friday's low or lower at 147.5.
The reason behind this trade is I am expecting a correction to start occuring very very soon both short term and long term if you look at both the RSI and Stochcastic indictaors all the major timeframes from the 4hr up are over the 80 level and on the stochcastic all the major timeframes are just shy of the 100 level this is all pointing to a major correction especially as we are also in a Major Monthly SUPPLY/SELL zone (see my long term swing idea from last week)
Also we are seeing divergence occuring on the MACD on the 4hr and daily charts all this is indicating both a short term correction and a long term correction yes the Yen is very weak at present with the fundamentals though all the above reasons are indicating a reversal.
I will look to enter only on a 15min or 30min signal above 149 and will have a stop loss aroud 40 to 60 pips will target Friday's low this is a day trade idea so will be closed ny tomorrow's Asian or Euro session.
The reason behind this trade is I am expecting a correction to start occuring very very soon both short term and long term if you look at both the RSI and Stochcastic indictaors all the major timeframes from the 4hr up are over the 80 level and on the stochcastic all the major timeframes are just shy of the 100 level this is all pointing to a major correction especially as we are also in a Major Monthly SUPPLY/SELL zone (see my long term swing idea from last week)
Also we are seeing divergence occuring on the MACD on the 4hr and daily charts all this is indicating both a short term correction and a long term correction yes the Yen is very weak at present with the fundamentals though all the above reasons are indicating a reversal.
I will look to enter only on a 15min or 30min signal above 149 and will have a stop loss aroud 40 to 60 pips will target Friday's low this is a day trade idea so will be closed ny tomorrow's Asian or Euro session.
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