FOLLOW-UP PLAN | CHFJPY (4H)

This is a follow-up plan on a counter-trend trade we are trailing with 87pips in profit (see link below for reference purposes), Find below the execution plan;

Tendency: Downtrend (Bearish)
Structure: The Three Drive Pattern forming
Observation: i. Looking at a potential completion of Three Lower Lows indicated on the chart as Drive 1, 2 and 3.
ii. Anticipating a confirmation of an approximate of 0.618/0.786 retracements of Drive 2.
iii. Price appears to run through the last correction move to Drive 3.
iv. Price on the verge of rejecting Moving Averages at the SUPPLY zone which shall confirm a new resistance.
Trading Plan: i. SELL now or at confirmation of reversal with a potential TP1 and TP2 (150pips) and SL @ 110.100/110.300 zone

Risk/Reward: 1/3.5
Potential Duration: 2 to 6 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.


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