NZDJPY Potential Long Opportunity
With
NZDJPY
being in a steady uptrend over the past 25 days or so we are still holding a bullish bias on this pair. However, price action is starting to buck up against some serious supply that is best seen on the daily. The area marked by the red horizontal box is what I am considering to be the KILL zone. As retail traders we do not want to be hanging out in long positions up higher than 81.900 because there can potentially be large sell orders up in that area. After price action coming down into the 81.700-81.800 support zone marked by the green horizontal rectangle about four times now, and price action getting pushed up after testing this level every time, by what must be a large buyer, we are hoping to see the same result from this latest test of support. If price action can pick up some bullish momentum and push to the upside above 81.100 we will be looking to get long to scalp a few pips either up to the 81.450 level or the 81.900 level.
Please note the following rules below for entry to the upside:
Price action remaining above the 200 EMA and the green horizontal rectangle.
Price action breaking above the 81.085 level of short term resistance to the upside and preferably closing above this level
Enter on bullish momentum above 81.100
Profit whatever you can get, but the 81.900 level is the final target for this pair as the possibility of a large sell order around that area is high
Stops at around 80.200
This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below the 200 EMA and green horizontal rectangle.
You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.
If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
NZDJPY
being in a steady uptrend over the past 25 days or so we are still holding a bullish bias on this pair. However, price action is starting to buck up against some serious supply that is best seen on the daily. The area marked by the red horizontal box is what I am considering to be the KILL zone. As retail traders we do not want to be hanging out in long positions up higher than 81.900 because there can potentially be large sell orders up in that area. After price action coming down into the 81.700-81.800 support zone marked by the green horizontal rectangle about four times now, and price action getting pushed up after testing this level every time, by what must be a large buyer, we are hoping to see the same result from this latest test of support. If price action can pick up some bullish momentum and push to the upside above 81.100 we will be looking to get long to scalp a few pips either up to the 81.450 level or the 81.900 level. Please note the following rules below for entry to the upside:
Price action remaining above the 200 EMA and the green horizontal rectangle.
Price action breaking above the 81.085 level of short term resistance to the upside and preferably closing above this level
Enter on bullish momentum above 81.100
Profit whatever you can get, but the 81.900 level is the final target for this pair as the possibility of a large sell order around that area is high
Stops at around 80.200
This trade will lose its potential if the first rule becomes no longer applicable. For example if bearish momentum pushes price action substantially below the 200 EMA and green horizontal rectangle.
You will find that my style of trading often holds a greater risk than reward, however the potential of price action moving in the favor of my position where profit can be liquidated and banked before price action moves against me is very high when the rules are followed.
If you find yourself liking my style of trading please feel free to follow me as I will post potential trades like this rather frequently.
Trade closed: target reached:
first target reached
Trade closed: target reached:
final target reached