With a bearish engulfing confirming reversal on the daily and a pull back to theT.L confirming a lower low and a possible shooting star formation the 4hr is looking promising for a drop down to 88.327 in between the 38% and 50% retracment and above a previous demand zone for a safer exit.
After a shooting star on the 4hr and forming lower highs and lower lows ...
Everything on chart :)
I follow the rule less is more!
Safe and secure entry would be waiting price breakdown trendline + EMA 12 but you might me little to late
So i would suggest here little more agressive entry, drawing trendline accurate on H4 and wait that price reach around EMA 200 (please check your charts) and after price BREAKDOWN TRENDLINE + EMA 12...
Market re-tested the daily resistance zone and failed, resulting in a bearish pin bar in H4. Two options in my plan to short this pair:
(1) Enter at market now based on the bearish pin bar signal rejecting the daily resistance zone.
(2) Wait for further retracement up for deeper re-test of the daily resistance zone and the re-test of the low of mother bar.
My...
SCENARIO #2 IF BEARISH NZDJPY
As a trader, we have to anticipate and play both sides. We have to consider alternative scenarios. Instead of a bullish scenario, we are thinking of the bearish scenario. What if 85.50-70 fails to hold as support? In this case, we would short when 2 conditions are fulfilled.
A) 85.50-70 support is broken downwards decisively
B) Wait...
Scenario #1 IF BULLISH NZDJPY
NZDJPY pivotal support/resistance zone at 85.50-70. This 85.50-70 zone has held as support or resistance since Dec 2013. There are 2 ways to trade this. If you are bullish NZDJPY, then buy in anticipation of another rebound up from this zone.
Long NZDJPY 85.50-70
SL below 85.00
TP1 87.00
TP2...
NZD/JPY formed an inside bar candlestick pattern at the mid band of the bollinger band and there's another bullish pin bar candlestick pattern after the breakout of the inside bar candlestick pattern which shows more buyers are coming in. Note that the stochastic indicator was showing oversold at the time the price formed the inside bar candlestick pattern which...
Waiting for next week setup with options:
++ if price break the resistance line, setup win for bull but need confirmation to prevent false breakout, this can be solve by identifying price retest.
++ else, price break the support line, setup win for bear and confirmation is based on the main trend which is down trend.
++ also, need to watch out incoming news...
NZDJPY has formed a descending channel. The descending channel is a price action that usually results in a breakout to the upside.
Though this classical pattern always is self-fulfilling, we may use another technique to confirm the breakout direction.
Whenever there is a channel formation, descending or ascending, a third line parallel to the channel can be drawn...
still believing in this short. Previous position not SL yet, and currently new channel has appeared which shows h1 divergence as well. there is a sort of channel within channel, but the real move can only come if it clears ~ 87.12 .Adding on shorts at higher positions.
Continuation pattern setting up in nzdjpy. JPY weakness failing to be crystallized here due to fellow weakness of NZD (weakest of commodity currencies). However, a decent risk/reward play could be setting up with a long position favoured if a daily close above 87.50 level targeting previous highs of 89.50 region and thereafter further upside if that level is...
on the h4 timeframe, I can see a possible right shoulder being formed and I will be keen to reenter on the downtrend via the hns formation.
on h1, I will be relying on my usual channel setup, and looking for it break.
I am happy when i see h1 divergence appearing.
So far I have been short, then long and now short. Perhaps I have been playing all legs of NZDJPY and...
That is interesting. Two potential Patterns (Bear Bat and Bear Butterfly with the same entry Level) and a good risk reward
for the risk-reward ratio I take the middle of both targets (= 50% retracement) to calculate it. Just my way of doing it...
NZDJPY is moving in a channel towards resistance at 97.00 handle in confluence with 0.764 FIB Ext at 96.45.
NOTE: Last time it reached this level was in July 2007
NZDJPY after broken trend line and finished ABC waves . bullish now above 86.50 .
target now 78.50 above 87.70 target will be 88.16 and 88.80 .
break 86.50 target will be 85.80
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