informedtrades
Long

I Love Me Some Hammer Off Support!

FX:NZDJPY   New Zealand Dollar/Japanese Yen
54 0 0
Fine wine, a beautiful view of the ocean, sunny skies.......all of them are beautiful, but not quite as beautiful as a hammer off support. The only way this could be better is if price was above the 50 SMA , but at this point, the trend looks strong enough and the hammer is favorably positioned. I'm long at support at 86.30, where the hammer bounced off, with my stop at 85.45 and my target profit at 89.65 (where a double top has clearly formed). I'm risking 85 pips to gain 335, which gives me a reward/risk of 3.94.

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