PriceActionTrading
Short

NZDJPY HIGH RISK REWARD SELL TRADE NOW.

FX:NZDJPY   New Zealand Dollar/Japanese Yen
262 12 6
D1 PRICE FAILED TO CLOSE OUTSIDE OF THE WEDGE PATTERN. FORMING A D1 PIN BAR . POSSIBLE SELL NOW.
IT IS FORMING THE 5TH WAVE TO THE BOTTOM OF THE WEDGE CURRENTLY.
DO NOTE THAT EVEN THOUGH D1 FAILED TO CLOSE OUTSIDE OF THE WEDGE . THE H4 HAS ACTUALLY CLOSED OUTSIDE, BARELY. PRICE MAY "RETEST" THE WEDGE AFTER THIS "BREAKOUT" BUT I AM MORE CONFIDENT ON THE D1, THUS THE RETEST SHOULD FAIL.

D1 RSI DIVERGENCE
D1 H4 RSI OVERBOUGHT
D1 PIN BAR

Related Ideas

D1 REPRESENTATION OF CHART.
SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE. THANKS.

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+1 Reply
crossmxn
2 years ago
NZDJPY Monthly
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Both white lines are strong monthly support and resistance

Zoom into NZDJPY Daily
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Gray line is strong daily support

It would be better to short at monthly resistance or after price confirms that it was a false breakout

Any comments are highly appreciated :)
Reply
PriceActionTrading crossmxn
2 years ago
Looking at your monthly, shorting now would roughly be around 61.%. shorting at monthly resistance will be at nearly 100%. Will be too long a wait but yes it would be great to short at there. Are you a very long term trader? I do not base my trading decision on M1, cause if i do there are very little trading opportunity. W1 and D1 are good enough. M1 to take note of only.
+1 Reply
crossmxn PriceActionTrading
2 years ago
I like to watch and draw on most timeframes, I start with M, then W, then 3D, then D, then 12H, then 4H and if needed 1H. I think both of our trades are good opportunities :D SL is our friend and a great tool.
Reply
do you still see downforce?
Reply
PriceActionTrading AbdullahAljohani
2 years ago
Hi there,
the pair is acting weirdly i would guess it is trying to stop out sellers currently. If you hang on tight enough for one more H4 bar we may see a drop afterwards.
As long as H4 doesnt close above 92.00 we are fine. We must trust in the D1 pin bar.
I am not in this trade so i am not in the best position to be advising you on this if you are in.
I see upward force in AUDJPY and usually NZDJPY and AUDJPY are correlated but the pair hardly move together now. So yea, it is acting weirdly.
Reply
PriceActionTrading PriceActionTrading
2 years ago
I am in long audusd which should, in normal circumstances, make this NZDJPY short invalid due to correlation reason. But nothing is acting according to how it is supposed to be currently so we have to wait for the market to show its hand.
Reply
IvanLabrie PRO PriceActionTrading
2 years ago
It's all a matter of timing...you're long an audusd retracement in a downtrend in my opinion.
Reply
AbdullahAljohani PRO PriceActionTrading
2 years ago
i went short from 91.7 so it's good W/L ratio ;)
Reply
PriceActionTrading AbdullahAljohani
2 years ago
Yea. I think i get what you are trying to say Ivan.
Anyways the currency pairs are not trading properly these few days. I cannot get a proper read on any pair except a long AUDUSD due to the W1 pattern that i spotted.
Probably wont be trading much this week. When in doubt, stay out.
Reply
PriceActionTrading AbdullahAljohani
2 years ago
Good luck abdullah
Reply
TRADE ALREADY INVALIDATED.
D1 BULLISH ENGULFING CLOSE ABOVE WEDGE PATTERN, IT WILL TAKE MARKET INTERVENTION OF SOME SORT TO BRING THE PRICE BACK INTO THE WEDGE.
I DO NOT TRADE MARKET INTERVENTION, BUT THEN AGAIN WHO DO?
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