Hi guys,
here on CHFJPY i think we could be standing at the top of the movement, and therefore i'm going short from this level with stops above the highs and targets as shown. This decision is made starting from a higher perspective on the daily timeframe where we're testing a previous structure zone that could act as resistance at this point. Here on the hourly you can see a double top (for my rules, since the second top has not close above the previous highs, it's a double top) with RSI divergence. This thesis is also underpinned from an engulfing candle on 4hr timeframe. All these signs together mean short to me.
If you have questions/ideas, feel free to comment below.
Otherwise, see you in the next chart!
here on CHFJPY i think we could be standing at the top of the movement, and therefore i'm going short from this level with stops above the highs and targets as shown. This decision is made starting from a higher perspective on the daily timeframe where we're testing a previous structure zone that could act as resistance at this point. Here on the hourly you can see a double top (for my rules, since the second top has not close above the previous highs, it's a double top) with RSI divergence. This thesis is also underpinned from an engulfing candle on 4hr timeframe. All these signs together mean short to me.
If you have questions/ideas, feel free to comment below.
Otherwise, see you in the next chart!