I thought it would be nice to compare how people read charts. It is a fresh chart so no advantage of hindsight if you answer in time. I was wondering how you see this chart, bullish or bearish?
Bearish: downtrend, below a round number, below resisrance zone, rejection pinbar at significant level, …
Bullish: bounced off resistance at around 111.800, higher highs higher lows, exhaustion of a previous trend,…
What would be your entry trigger and which way?
This is a daily chart of CHFJPY from 6 November
Please don’t copy paste textbook stuff, write your own analysis and reasoning behind it please.
I find the chart bearish and I am short this pair.
Price is in a clear downtrend from a well-defined bearish reversal pattern. Significant MA’s are sequenced bearishly and sloping downwards, price is below a significant medium-term MA. CHF-based pairs are universally bearish at present, JPY is bearish but a little less weak.
Early shorts from just after the top may well have been exited by now but I always delay until the trend is confirmed. A possible new entry point off the daily chart would be below last Friday’s low.
I agree it seems to be being rejected from prior resistance and a round number though I don’t personally plot these features.