CHFJPY Breakout Thesis: Anticipating New Highs

The CHFJPY pair has been showcasing a significant breakout early this year, surpassing the crucial 170.500 level. After reaching a peak at 171.484, it retraced to 169.766, where it demonstrated a classic "base-rally-base" price action, underpinned by substantial volume, confirming its bullish momentum. As it now positions itself above the 170.500 mark once again, the bias is leaning towards a breakout beyond the previous high of 171.484. This movement suggests a robust potential for further bullish advancement, making it a focal point for traders eyeing substantial opportunities in the

currency markets.

Trade attivo:

reached my initial T/P level @ 171.211
I set my Trailing Stop to Today's Open

Trade attivo:

As the CHFJPY continues its journey above the significant 170.500 level, I remain steadfast in my bullish bias. The key to this conviction lies in the harmonious relationship between price action and volume – the fundamental elements of my trading strategy.

Trade chiuso: stop raggiunto:

Closed position at the Today's Opening Price.
Failed to Break above the 171.484

I still got 1% of the risk as profit for this set up.