We have a potential pattern completion on the NZDJPY . The confirmed completion will arise at the 82.90 levels, and the last buying opportunity before the pattern is around 80.80's levels. If it goes below the 80.60's level, then this pattern has expired.
There is structure around the pattern, which in my opinion increases the integrity of it. I feel an entry anywhere within the pattern is credible as there's enough structure around it in my opinion.
I'm hoping the pattern completes at the lower prices, preferably when the pattern is nearer to expiring, this is because we actually get 2/1 R/R ratio on the 1st profit target alone! (38.2 fib retracement is 1st profit target on ).
This might not seem like the best R/R ratio but bear in mind this R/R ratio only applies to the 1st profit target and could move even higher!. Furthermore the stop loss would be just below an area of strong structure, not only this it would be at a point of strong diagonal hidden support (thick red line drawn on chart) which is congruent with some localised structure levels, suggesting a move below these levels is pretty unlikely in my opinion.
Any rollover past the black drawn on the chart would give actually give some very good shorting opportunities, as there's hardly any resistance past the that i've drawn. If it does surpass, and break this in the future, I will be sure to update you with my trading plans regarding that trade.
Good luck to all,
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