moa_trading_journal

NZDJPY - Big short sell opportunity almost ready

Short
FX:NZDJPY   New Zealand Dollar / Japanese Yen
Like I said before i’m anticipating for a big bearish move on NJ when it reached the top of daily ascending channel . However, as I said, we must never take any short trade blindly but to wait for the market to give us any confirmation because the price reach this area in impulsive leg.

After that, thir pair continue to move upside seems like breaking the ascending channel structure. However, I never changed my bias and still looking for a short sell entry. I’m already anticipating this kind of fake move because it’s a typical market nature to catch people on the wrong side.

Now, that the price has broken back into the channel, the probabilty of this pair will go lower have become higher in my opinion. I will now just anticipating the price to form a corrective structure. In high probability area like this, even small corrective structure
Any break from any bearish continuation pattern now will trigger my short sell entry with sl above the corrective structure with target up to the low of the descending channel and can even go lower depending on how the market reach that area.

Massive reward available in front of us,. Lets see if we can capitalize it or not now...

Good Luck
Comment: Update on NZDJPY forecast that I’ve share before

After waiting for quite long finally, NZDJPY now is seem like forming a bigger continuation pattern that what i've expected.

In H1 TF, its forming a bearish continuation pennant. I will now set a stop entry and wait for the break of this pennant at 71.550 to take a short entry, with sl abov the structure at 72.200, targeting up to 68.200.

Lets see how will this one play out..
Trade active: Sell Entry Active
Trade closed: stop reached: Update on NZDJPY trade that I shared before. This trade finally hit SL at -1%. There is nothing we can do about this. Loss is part of forex trading. What we can do is we stick to our plan that we know have an edge. Overall, I still expect NZDJPY to move to the downside. Now, it seems like this pair is forming a bigger, more complex corrective structure and I must wait for another confirmation before consider to reentry in this pair.

Comments

Im looking for a break of 71.500 if this happens continuation will soar. NJ blessed me with that initial huge break so fingers crossed
Reply
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