FX:NZDJPY   New Zealand Dollar/Japanese Yen
98 4 0
There are two forks in play. The green one is currently 'controlling' the price action; the blue one lends its slope to expect future swing pivots at the the parallels plotted on previous pivots . This market is approaching the handle of 90, which I find very likely to be hit soon, but I think it's heading for some higher targets, possibly 90.100. I find the nearest support to be at the prior swing high (88.31) and the major support at 87.100 and 86.150. The NZD remains very strong and the so far neutral JPY started to weaken at the end of last week.
And here it goes! missed it again, was waiting for a pullback for a nice entry. Can you give us some advice for entry & pullback?
Well, it depends on strength of the trend. When the trend is that strong, I enter on dips, just above the recent lows (esp. to be observed on H1). Since you want to enter on correction, you can also try to enter on approx. .382 price size of the recent correction - the red swing - (C-APP-0.382: Corrective Alternate Price Projection of 38.2% of the prior move in the same direction). My research has revealed that the safest entries are at C-APP-2.236 or 2.382, but they are relatively rare. Most of the corrections end at C-APP-0.500 or C-APP-1.000. Alternatively, you might choose to enter at classic internal retracements measure here from the red swing to the current absolute top. Here, my finding is that the safest retracement is at C-Ret-1.618, though the most frequent is to be expected at C-Ret-0.764. So I can't tell in advance, where to enter, I just observe the price action, and simulate, which level may be suitable, given: the prior lows, price range, momentum etc. Quite often price wants to take out just one low, but not the second one - taking out that low triggers the tightest stops but gives an excellent entry point for those who want enter above the second low - and that's how the trend resumes...
An update:
ForceFollower ForceFollower
Revised NZDJPY targets to:
- TP1 89.330,
- TP2 89.490.
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