On the 1hourly chart, NZDJPY shows an AB=CD Pattern, this is not the usual harmonic pattern I will be trading, but why now? Well, on the 4-hourly chart there is a head and shoulders formation, having the long shadow candle close or some may know as pin-bar isn't enough for me to engage the trade. I'm using this as a trend following technique and I'll wait to engage the trade after 9am(+8GMT as I love to wait for the market to settle down from the market open volatility.
Comment:
I'll wait for 10am(+8GMT){1hr05mins from now} candle close to decide if to engage the trade
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