Looking to play the next leg down on NZDJPY after the recent formation of lower lows and lower highs, with a 25 pip SL at 0.5% risk offering a 3:1 RR for the final target.
Reasons for the trade:
1. Downtrend in the market (LL and LHs forming)
2. Resistance held firm and now price is showing some momentum to the downside.
3. a recent LH looks to have formed/being formed so going short from CMP with a stop above the most recent LH to allow room for the trade to breath.
Reasons for the trade:
1. Downtrend in the market (LL and LHs forming)
2. Resistance held firm and now price is showing some momentum to the downside.
3. a recent LH looks to have formed/being formed so going short from CMP with a stop above the most recent LH to allow room for the trade to breath.
Trade closed manually:
Trade closed for -0.15% slight loss after the sideways movement, avoided a full -0.5% loss.