CHFJPY Analysis M15

7 oct 2021

My directional bias is bullish based on the higher time frames: M,W, D TFs. I found a point of interest (POI) as outlined in the label on the chart, then proceeded to refine the point of entry. Point of interest was found based on the break of structure(BOS) and identifying the Order Block (OB) which created that strong impulse to the upside. Another confirmation also was the liquidity created by the sell stops resting below the area of consolidation after the impulse upward. Price is magnetized to these areas of liquidity as well as the OB that created the impulse. The fact that the impulse was strong enough to break structure makes it a strong and valid area of interest.With the strong possibility of price returning to this area of interest, a pending order (Buy Limit) is set with entry at 119.298, SL 119.281, TP 120.220, 55:1 RRR.