CHFJPY Respects Resistance and Prints Bearish Inside Candle

0

chfjpy inside day

CHFJPY has retrace back up the recent down move to re-test an old swing level – which is now holding as resistance. We can see the small bearish rejection candle that communicates that price wants to hold under the level.

We haven’t seem much bearish follow through – but an inside day has formed with a thick bearish body.

The mean value is also holding well as dynamic resistance which is a great sign of trend stability.

If price breaks the low of the inside day, breaking free of the consolidation pattern – then we might this downtrend stretch out and make it’s next extension into lower lows.

Get the 5 most predictable currency pairs

About Author

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.

Comments are closed.