CHFJPY GEOMETRIC TRADING DIAMOND BOTTOM
Hello Traders,
Today, we are having a closer look at CHFJPY, which presents a promising trading opportunity. Upon analysing the daily chart, we can observe a geometric pattern resembling a diamond shape. The trade has already been initiated, and you can view it here:
However, don't worry; I have more news to share with you.
It's important to note that the diamond pattern won't be considered valid until we see a healthy breakout above 164.290. You can monitor this breakout here:
Here's the trading strategy I have for you:
1. Enter a long trade above the breakout level of 164.290, ensuring there's a surge in volume.
2. Place a stop-loss order below the previous low before the breakout.
The diamond pattern offers excellent target criteria. You can consider the following target levels:
- 62%: 166.938
- 79%: 167.653
- 100%: 168.545
I hope you find this analysis useful. I have many more analyses like this one in my profile, so you should check it out before you leave. If you support this idea, please show your appreciation with a like and stay connected by following me. Don't miss out on more trading opportunities like this one.
Have a fantastic weekend!
Best regards,
TCPLTP
Today, we are having a closer look at CHFJPY, which presents a promising trading opportunity. Upon analysing the daily chart, we can observe a geometric pattern resembling a diamond shape. The trade has already been initiated, and you can view it here:
It's important to note that the diamond pattern won't be considered valid until we see a healthy breakout above 164.290. You can monitor this breakout here:
Here's the trading strategy I have for you:
1. Enter a long trade above the breakout level of 164.290, ensuring there's a surge in volume.
2. Place a stop-loss order below the previous low before the breakout.
The diamond pattern offers excellent target criteria. You can consider the following target levels:
- 62%: 166.938
- 79%: 167.653
- 100%: 168.545
I hope you find this analysis useful. I have many more analyses like this one in my profile, so you should check it out before you leave. If you support this idea, please show your appreciation with a like and stay connected by following me. Don't miss out on more trading opportunities like this one.
Have a fantastic weekend!
Best regards,
TCPLTP
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