Nice straight trendline, test areas tested, including a spike through, and had 2 respected candles in the weekly chart. Then for the countertrendline, we perfectly broke out, while all the levels were met perfectly.... support level was respected too. Great old example and practice for spotting countertrends and trendlines. -KH
BUY LIMITS WERE SET AT THE 50% FIB LEVEL THE TRADE IS ACTIVE. You can still jump on now or on that break of that mini falling wedge which serves as a corrective structure of the previous impulse.
Price broke ctl and it's headed toward 1.155 region let's wait for a retest and enter short. Let's see how it plays.
61.8 fib bounce counter trendline break Downtrend on higher frames Lower lows Lower highs
Counter Trendline Break Fib Bounce wick rejection moving average Moving average crossover
Counter trendline break Bearish Engulfing break back below Key Level 38,2 Fib Bounce 1.1750
NZDJPY DAILY TARGETS PROJECTION (70% Short / 30% Long)
* Awaiting price to close on neckline of doubletop. - A break of Counter Trendline will signal potential sells if confirmed below it. - break and retest of neckline 80/20% Sell
Confluences: 1/ Trend 2/ Fib play 3/ 91 as resistance 4/ High test candle ( 2 in a row ) 5/ Bearish MACD 6/ We are bouncing of the 200 EMA on the Weekly chart After day one of the trade, U can see that we broke the CTL, which is a great sign for this pair to finally head lower again. It is not too late to enter, because today we got a pullback. Target 89
Possible counter trend line holding could be time for another push to the downside.? What do you guys think ...
Price on the lower time frame making lower lows & lower highs, we just got our lower high after the 3rd touch to the downtrend line rejecting a fib level as well showing a new lower low is likely to be made. Target is at weekly support / daily channel bottom ..
Price has been moving sideways for some time now, & just recently we got a break to the upside & close above resistance. I have been waiting on this pair for some time now. A slight retest at the 50 fib level/trendline is likely I believe we are headed up now..