NZD/JPY Prepare for SHORT

FX:NZDJPY   New Zealand Dollar/Japanese Yen
Everything on chart :)
I follow the rule less is more!

Safe and secure entry would be waiting price breakdown trendline + EMA 12 but you might me little to late
So i would suggest here little more agressive entry, drawing trendline accurate on H4 and wait that price reach around EMA 200 (please check your charts) and after price BREAKDOWN TRENDLINE + EMA 12 enter short. Have in mind if you dont get nice breakdown do not enter, do not force and wait that candle closes below trendline + ema 12 not just that it breakdown but close, huh i complicated that :D!

We have very strong resistance above already listed on chart!
Risk reward is extreamly in our favour, maybe this is another 1000 pip or more trade :)

Enter : as i said... agressive on H4 trendline breakdown + EMA 12
More safe but waiting longer on DAILY 123 break of TL and EMA 12

Stop loss : above EMA 200

Enter with 3 same lot size positions at once
Risk : reward (TP1 = 1:1, TP2 = 1 : 2, TP 3 = 1: trailing)

Trailing :
Trail both positions to breakeven after TP1 hit (very safe but chance to get stoped out and miss major trend)
Trail last position only once TP1 and TP2 is hit (i would pick that! :) )

How to trail?
Normal : above EMA 36
Long term safe : above EMA 200

Type of trailing : manual only

Best regards
2 years ago
Could you please post - when your trade is active.
I agreee with your analysis we see bearish rising wedge on dailychart
+1 Reply
hello what is zour view on this pair now
2 years ago
Any update afer the BOJ please
TradersClassroom simon1093
2 years ago
Did you get filled on the idea? If so, you're stopped out. From a daily timeframe, I'd wait until you can get a clearer picture.
simon1093 TradersClassroom
2 years ago
No was waiting for it to hit 200 ema to make my decision and see how i saw it through my own Technical Analysis, but jumped up over night, now I don't see the position as valid and just wondered what they thought.
TradersClassroom simon1093
2 years ago
I agree with you. Position no longer valid. However, seems all JPY pairs are maxed today.
simon1093 TradersClassroom
2 years ago
yep. :-)
AcademyInvestment simon1093
2 years ago
It was good setup but invalid :) It happen! Was great week! All jpy pairs were bullish.. alot of pips :)

Simon1008 AcademyInvestment
2 years ago
Thanks for the reply :-)
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out