W4DL
Short

NZDJPY bearish wedge

FX:NZDJPY   New Zealand Dollar / Japanese Yen
We can see NZDJPY forming a bearish wedge , with a resistance at this moment there is a good chance we will drop out this wedge .
I try to keep an eye on it and will short if the wedge support breaks.
Will update it later,
Give me some feedback and thanks for reading!
Comment: I’m going in for a aggressive entry, will post entry SL and TP when at home
Comment: This was my entry point (75.55)
R:R 1/2.72, so worth the risk.
If it drops and looks good, I'll consider just closing a part at the TP.
Comment: First I was thinking it was a false breakout of the resistance, now checking again and came to the conclusion there could be a second bearish wedge better shown on the lower timeframe as below.
Still in a negative position but no stoploss.
The good thing is that this wedge is closing in faster and would have the same outcome as the big one this analysis started with: Down!
I'm not planning on closing this one manually, let the analysis do his work and ride with it.
Will be updating this as this is a great learning for now and later.
Trade closed: stop reached: This was a ride full learnings for me:
It is a good sign for me that the wedge was solid, the profit was even greater than I would have expected from this pattern.
What went wrong, clearly the stop. If i didn't put that tight stop this was a good profit instead of a loss.
This are things you always see afterwards, but we're remembering this for the next one.
Notice: The drop could also have happened not because of this wedge but because of the upcoming news of the quaterly employment change report released in New Zealand at 21:45 GMT

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