So I've been away for a second on sharing ideas to the tradingview platform. Not because I stopped trading, I actually caught up in testing ideas and forget to post. With that being said I previously traded the NZD/JPY for a great entry and exit making a decent profit. I was able to pinpoint where the price would retrace (Taking TP down to the pip I kid you not) before it will continue trend. So my view is that this downtrend will continue until it reaches the "support area" (two red horizontals shaded blue). When price reaches here, it will act as a "MAJOR" level of support before retest to a T/P of 83.618 at least (T/P indicated with green text box). The risk to reward ratio is phenomenal (1:17.6) "kinda ridiculous I know. To be safe put your stop to the bottom of the 0.236 (80.943) on fib tool to understand that trend is over and to be exited out of trade. FOLLOW ME ON MY NEW INSTAGRAM ACCOUNT/SNAPCHAT ---->>> THISFORBLISS
Thank you for the support!
Thank you for the support!
Comment:
If it retraces before it opens your trade, the second option is to catch it at a buy limit at 82.120 with a decent 20 pip stop at least. DON'T MOVE YOUR STOP TO BREAK EVEN. There's a possibility stop hunters will gun you down and exit the amateurs out the trade before heading to T/P Target town.
Trade active:
Alright, so lets address what happened in the market so far. Price "did" ossicillate within my area of resistance one time. However "The major level of resistance was at 81.076. If you read the first post. You will still be in this trade using the safer because we didn't touch the .236 retracement line on Fib to indicate that the trend is over. Good news for the pair is that on the hourly chart, we see that our "know sure" indicator is about to cross, confirming our belief that an uptrend is in the works. "SQZ MOM" indicator shows a darker red pigment as well as shorter bars indicating selling pressure is easing. The Final indicator to print to confirm prior would beliefs of the position currently taken will be the Super Trend indicator. This symbolizes that we are in a "Real uptrend". I use indicators as confirmation to my "prior" beliefs. I don't let indicators guide my entries.
If I could change one thing, It would of been to stay awake until I spotted an area of at least 3 candlesticks of hourly oscillation to confirm resistance to selling pressure. Then to identify the oscillation range and place a buy order at the bottom range of resistance it repeatedly touches. Finally place a better stop from there. Note Taken
If I could change one thing, It would of been to stay awake until I spotted an area of at least 3 candlesticks of hourly oscillation to confirm resistance to selling pressure. Then to identify the oscillation range and place a buy order at the bottom range of resistance it repeatedly touches. Finally place a better stop from there. Note Taken
