Short NZDJPY – breakout down from a consolidation in a bigger do

FX:NZDJPY   New Zealand Dollar/Japanese Yen
20 1 2
Trading idea on 1h chart:
Short NZDJPY             – breakout down from a consolidation in a bigger downtrend

Trading idea: stop sell order at 90.15, Risk-Reward = 2.22
SL@ 90.60 (-45), TP@ 89.15 (+100)

NZDJPY             was rejected by 91.80-92.20 resistance area and is since then in a downtrend on 4h and 1h with 20EMA as dynamic resistance.

- currently consolidation between 90.20 and 90.50
- breakout under 90.20 should start the next move down till 89.00-89.15
- after the breakout and the first rejection of 90.20, one could use 20-EMA as trailing stop (more conservative risk-reward approach)
Disclaimer: There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
fxstudent299 PRO
2 years ago
1. Trade setup not valid anymore -> stop sell order deleted
2. I will look for another trade setup, like sell between 91.00-91.20 with a tight SL above 91.40
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