FX:NZDJPY   New Zealand Dollar/Japanese Yen
160 7 0
I truly don't remember when was the last time I traded this pair but today that might change as we have a beautiful Pennant here. Pennant has a measured move and the good part is that the RR with this pattern is always very good. So, short-term setup: looking for higher values. A conservative target on this case would a 50% of the measured move.
Price is will reach 50% of the measured move @ 89.163. It would be wise to rise the SL to breakeven when it happens.
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Pattern is still valid but starting look fishy.
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TradersClassroom capitalpropertiesfx
turning into a rectangle
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capitalpropertiesfx TradersClassroom
:) indeed. difficult to say if this pennant is valid or not.
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I really like this opportunity. Big risk reward ratio
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capitalpropertiesfx TradersClassroom
Indeed RR is very good but be careful with this one as timing is not very good. London session is over and NY session is slowing down but this pattern needs volatility. But all in all - I also like the setup :)
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TradersClassroom capitalpropertiesfx
Since it gapped up, I will be interested to see if it closed below Fridays close. Could signal a bearish tone... As with anything, stops and risk management are crucial.
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