NZDJPY - Bearish Divergence Short

NZD/JPYOANDA

Description

⋅ Jun 10, 2018 2:08 PM

Setup:
It was noted that NZDJPY could be dropping to 73.878
Our setup is complemented by the following:
1. Multiple timeframe analysis
2. Divergence

Approach:
Our trade strategy is as follow: We will open two consecutive trades, they will both have the same stop loss but different take profits.
Trade 1:
Entry: 77.225
SL: 78.120
TP: 75.628

Trade 2:
Entry: 77.225
SL: 78.120
TP: 75.628

It should be noted that once TP1 is hit, we will move the stop loss of trade 2 to breakeven.

Risk & Reward:
Total Risk:
2% or 180 PIPS

Total Reward:
5.5 % or 493 PIPS

Good Luck :-)

Comments

frupreneur

⋅ Jun 18, 2018 5:17 AM

Nice charts. Very clearly laid out. Here's my present perspective on this pair though, What you think? ;)

formobilogmay

⋅ Jun 11, 2018 3:30 AM

@TarrierFuture also the daily has got a inside bar breaking up today suggesting another day of gains before any drop.

formobilogmay

⋅ Jun 11, 2018 3:29 AM

@TarrierFuture falling trend line on the daily suggests that the price is aiming for 78.100 to 78.200, can you please help understand the rational behind this trade plan?