CHFJPY has previously broken through the support it was holding. It has now retraced up to test the previous support as its new resistance. It looks prime for a short entry however, we are still awaiting confirmation on the hourly. Wait for it to break the 116212 price before entering the short trade. Place your stop at the high of 116583 (Unless the price action continues to rise before going short). I have a big take profit at a major support/resistance level and then a remainder below if it breaks through. Remember, your losses on being stopped out should never exceed 1-2% of your account.
Happy Trading - The Trading Box.
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So this trade didn't form the entry and became invalid. This is why we wait for confirmation.
@Kishore_Frederick, Of course. There is always that possibility and that's why we have our stop in place in case we're wrong. No one can ever be certain.