Last week's idea on this pair, was a loss trade for me. Now we have another good support/Demand level, and i am expecting a bounce up from the lows of the range.
Cup And Handle Being formed on the Day Chart and 4H time frame, price is now consolidating and looking for price to head for the highs, looking for price to stay above 80.500 as it it currently being respected for price to move to OB at 91.900
NZD/JPY weekly charts show weakness for the pair upto weekly 20-SMA at 79.66.
Weekly 5-DMA at 81.91 is major resistance, break above invalidates bearish bias.
On the daily charts, the pair is trading a narrow range with Doji formation in the Asian session.
Price action slips into daily cloud, below 20 and 5 day MAs.
We see strong trendline support at 80.68,...
From the Price Action, there are more selling
pressure than buying pressure in this consolidation pattern.
From COT Report,
For JPY, there are more non-commercial positions
added to long side.
From both Price Action and COT Report, there is
confluence that NZD/JPY might go down further.
Here are 2 trading plans for you:
1. When the price break the support...
Hi traders,
On this NZDJPY we have a potential AB=CD pattern completing, combined with some fibs. We also have a potential head and shoulder pattern forming at this point. We also see that the right shoulder took a lot longer to form, compared to the left shoulder and the head. In other words: we made a new lower low.
Entry: 82.818
Stop: 83.154
Target: 82.092 =...
A cypher completion forming a C point for a bat pattern. If only this setup was on my trading timeframe. Does help give support when finding a reason to enter if i think price will go long.
as you can see in the chart, today where're gonna hit a nice support of the last few days of trading. That's a chance to open a long position with first target the 23,6% level. Have a good weekend and also a good trade!
Hey guys,
just want to inform you about what's on my radar this evening: this is a Cypher formation that's about to complete near to a daily structure level and a psychological number.
I think this could be a good idea to buy the market.
Stops below X, targets as usuale on pattern at .382 and .618 retracements of AD leg.
If you have any question, feel free to...
