Potential long trade for CHFJPY
The price has moved down recently and is currently in the Ichimoku cloud which coincides with the previous resistance level. I am expecting the price to reverse at this level and looking for the opportunity to go long.
The following criteria are assessed:
+) SMA 100 is pointing up indicating high probability of uptrending
+) The stochastic is in the oversold zone indicating price may reverse.
I will place a LIMIT ENTRY ORDER at level +113.936 which was the lowest of the previous candle.
I will place STOP at +111.432 which was lower that the previous resistance/support level
The following criteria are assessed:
+) SMA 100 is pointing up indicating high probability of uptrending
+) The stochastic is in the oversold zone indicating price may reverse.
I will place a LIMIT ENTRY ORDER at level +113.936 which was the lowest of the previous candle.
I will place STOP at +111.432 which was lower that the previous resistance/support level
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