A clear bullish impulse wave. According to EW Theory, wave 4 is usually a corrective triangle formation. Hence, a 5th wave is anticipated soon as price has already broken out of the triangle to the upside.
Some analysis state that it is a forming a Head and Shoulder pattern, this setup will only be valid once price breaks the neckline of this structure.
Still in this trade .. it's at break even. follow the previous chart below & if i break even.. i'll let it play out til it drops below 71.5 for the sell or above 72 for the buys.. if we get above 72.25 and head towards the blue line then i'll update
Hello my friends,
Another setup for starting November is NZDJPY pairs.
Don't forget to check my NZDJCHF post as well
If you find my post useful, please give me thumb up and follow me for next update regarding all my positions.
After marking my horizontal...
After peaking the September month high around 72.00 which is a key psychological level its felled towards 68.640 which is a low volume area and find some buyers and making series of Higher high higher low patterns.
From Sep-09 to Sep-18 it was trading in a range and felled below the range. I have marked some levels are acting as accumulation and...
Hello my friends,
Today another setup on JPY pairs. This time it is NZDJPY.
I found a good buy setup for this pair as there are some confirmations appeared which consist of:
1. Parabolic SAR now below the price indicating buying pressure
2. Price above the kumo cloud
3. Kumo cloud is green colored
4. Long legged doji which is a price action confirmation
I will go long on NZDJPY because it just bounced on the support zone. It is safe now to go long on NZDJPY.
This is the best time to buy NZDJPY for next week bullish move. I think it will go up next week.
Trade At Your Own Risk ;)
The counter is currently formed a flat ABC corrective wave.
It broke out from a bear flag pattern, tested the broken support, and is now coming down with strong momentum.
Hence, we expect the pair to be bearish in the near-term.
NZD - BULLISH
1️⃣ The unemployment rate handily beat the 5.6% forecast coming in at 4.0% and helped to push kiwi to trade well.
2️⃣ Risk-on market sentiment after top Democrats and negotiators from the White House say a deal on a coronavirus stimulus package could be reached by the end of the week and approved as early as the following week.
JPY - BEARISH
Gutted I did not take the AUDJPY trade I called last week...been very busy so not much chance to trade!.
This is what I am looking at for NZDJPY!
I will not be breaking down my charts or be giving in depth reasoning into why I have a bias on a trade. I feel this encourages people to take trades all over the place hoping one will come through because it sounds...