CHFJPY - Bearish ABCD Pattern

After a nice fall from 113.60 to 112.90 on a bearish shark pattern, CHFJPY is poised for another drop, this time on a bearish ABCD pattern.

Our bigger target at 112.20 has not been reached, so I am optimistic we could reach this level this week.

Bigger target at 112.20 is derived from the daily bearish bat pattern posted last month (See related ideas)

Good luck to those trading this ABCD pattern, please control your risk and keep it below 2% per trade.

PRZ 113.35

SL 113.70

TP1 112.85

TP2 112.20

All the best for your trading week ahead!

Trade chiuso: obiettivo raggiunto:

TP1 hit at +50 pips.

Double bottom formed, have cut all my short positions for now.