NZDJPY - ANTICIPATING A FLAG BEFORE FURTHER DOWNSIDE
We can clearly see how strong the momentum is to towards the downside. Even though the bulls were able to push back up, 78.6% after the 1st push down, the bears were able to take over again with one more strong push down, which is not over yet in my opinion and which I expect to go all the way down and retest the 75.65 - 76.40 range. We can expect a minor correction now before the last push. There could be a very small possibility that the pair is forming a Flat correction after the 1st push down but I don't think that is highly plausible, yet it is a possibility therefore I'll be looking at Price Action closely.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
