MARKET PHASE
NZDJPY
is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
There was a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. Price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has started it`s initial move down but due to the velocity of the downward move, it's gapped some orders around 91.019. Price is likely to retrace to this level before continuing downwards.
TRADE
I will be entering short on
NZDJPY
with the following parameters:
Sell Limit: 91.019
Stop Loss: 91.159
Take Profit: 90.739
NZDJPY
is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour). AREA OF VALUE
There was a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. Price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has started it`s initial move down but due to the velocity of the downward move, it's gapped some orders around 91.019. Price is likely to retrace to this level before continuing downwards.
TRADE
I will be entering short on
NZDJPY
with the following parameters: Sell Limit: 91.019
Stop Loss: 91.159
Take Profit: 90.739
Order cancelled:
No entry