TheSignalyst

NZDJPY - Purple War Zones!

Long
FX:NZDJPY   New Zealand Dollar / Japanese Yen
NZDJPY rejected the upper purple war zone and traded lower.

However, NZDJPY is still overall bullish trading inside the blue channel, so we will be looking for Trend-Following Buy Setups.

As per my trading style/plan;
Here are the two strong zones where I will be looking for high probability buy setups:
I call them War Zones, (highlighted in Purple circles)

Zone 1: (around 77.90)

This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower blue trendline.

If NZDJPY breaks the green support (Zone 1) downward, then the next support would be the red one. (Zone 2)

Zone 2: (around 76.70)

This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the red support and lower brown trendline.

As per my trading style:
As NZDJPY approaches one of the purple circles, I will be looking for reversal bullish setups (like a double bottom pattern, trendline break and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

Stupid quesiton.
What was the Mar 22 cause, all about?
I did not see any Japanese banking news. Also, did not see more millionaire hiding NZ news either.
Maybe some big Agriculture futures reports?
+3 Reply
@raoultesla hello Raoul 😁 I am not that into fundamentals. I just follow the price, the true value is discounted / translated there
Reply
As always amazing work!
+2 Reply
TheSignalyst KlejdiCuni
@KlejdiCuni, thank you dear Klejdi!
Reply
@Donajor8, :D
Reply
Donajor8 TheSignalyst
@TheSignalyst, still your good Keep that up
+1 Reply
@Donajor8, thank you Donajor, I am going to post a video about this one today as it reached the first purple zone. you too keep it up mate
Reply
I agree
+1 Reply
TheSignalyst ahmadawada
@ahmadawada, amazing Ahmad
Reply
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