Roker1
Short

Now NZDJPY is a short!

FX:NZDJPY   New Zealand Dollar / Japanese Yen
Hey guys,
after being correct in predicting the upward move on this pair (see attachment) we took our profit near 83.00. Now i changed my mind, just watching price action. I'll explain you why.
Basically we are testing a strong resistance zone , both in the daily and in the weekly, therefore we could expect some strong resistance here. In addition to that, we also have a Gartley completion right there, together with AB=CD pattern and some Fibonacci extensions. The Gartley is very deep so it provides a very good risk to reward.
Nonetheless, being a conservative trader, i want to see more confirmation. We've just entered a OVERBOUGHT condition and now i want to see a candlestick formation signaling selling strength like a double top or an engulfing candle.
I'll let you know if i'm selling this.

As usual, feel free to write below if you want to share your standpoint or if you want to ask questions.
Otherwise, see you in the next chart!
Comment: If the current candle will close engulfing i'm going to short this pair:
Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano: https://www.youtube.com/c/MisterForexIT
Ultimo video: https://youtu.be/0rIFF-j4kdM

If you agree, like this chart! Thanks
My last (english) videoanalysis here: https://youtu.be/RUySg8LW6Iw
Did you take this trade in the end? I cannot zoom in to see if it was an engulfing candle. By speaking of which. You are looking for an engulfing candle in the timeframe of the pattern, right? Do you always wait for an engulfing candle before taking the trade?
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Roker1 ianchris
Hey @ianchris, unfortunately i didn't take this trade, i usually look for candlestick formations on the reversal zones i draw, such as double tops, engulfing, shooting star and so on. Not every time, but very often. It depends on the trading opportunity.
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