Analysis
-NZDJPY bears are coming FAST! NZDJPY looking bearish after showing signs of reversal. Buyers pushed price up into resistance, wherein sellers stepped in and pushed price down before the daily candle closed.
-The price action resulted in a daily candle pinbar setup AT RESISTANCE which is a bearish sign.
-On the 1H time frame, price just broke a bullish trend to the downside.
-There is also bearish RSI divergence on the 1H time frame which further eludes to price possibly reversing to the downside.
Entry, Stops and Targets
-Short Entry: 75.699 (I entered on a pullback after price broke out)
-Stop Loss: 76.22 (Set stop above the high of the daily reversal candle)
-Take Profit: 74.64 (Set targets at a minimum of 1.8 times your stop depending on entry)
P.S. I didn't expect price to move this quickly to the downside. Luckily, I was able to enter immediately after price broke out and pulled back before selling off for the next few hours! It may be too late to enter unless price has a nice pullback during the London or New York session. Nonetheless, this is my setup for NZDJPY. Sorry for the late post!
*Manage your EMOTIONS, manage your RISK, follow your STRATEGY*
-NZDJPY bears are coming FAST! NZDJPY looking bearish after showing signs of reversal. Buyers pushed price up into resistance, wherein sellers stepped in and pushed price down before the daily candle closed.
-The price action resulted in a daily candle pinbar setup AT RESISTANCE which is a bearish sign.
-On the 1H time frame, price just broke a bullish trend to the downside.
-There is also bearish RSI divergence on the 1H time frame which further eludes to price possibly reversing to the downside.
Entry, Stops and Targets
-Short Entry: 75.699 (I entered on a pullback after price broke out)
-Stop Loss: 76.22 (Set stop above the high of the daily reversal candle)
-Take Profit: 74.64 (Set targets at a minimum of 1.8 times your stop depending on entry)
P.S. I didn't expect price to move this quickly to the downside. Luckily, I was able to enter immediately after price broke out and pulled back before selling off for the next few hours! It may be too late to enter unless price has a nice pullback during the London or New York session. Nonetheless, this is my setup for NZDJPY. Sorry for the late post!
*Manage your EMOTIONS, manage your RISK, follow your STRATEGY*