NZDJPY ABCD 1.27 EXTENSION SHORT in 4H
Selling at 90.8 with the stop at 91.5 (70 pts).
It is the price at which the 1.618 extension (RED) and 1.27 (BLUE) from the same spot meet.
The red leg formed a Trading Range (TR), and later on the Blue leg attempted a Breakout (BO) from the previous TR which failed, forming a Double Bottom (DB) in the TR.
The failed BO trapped all the bulls that expected higher prices, but as the DB was respected and the price surpassed the top made at the BO (point X), I am thinking that more buying is about to come, and if we see 90.70 we should be selling into it as the marked has proven that big moves to the upside retrace deep.
It is the price at which the 1.618 extension (RED) and 1.27 (BLUE) from the same spot meet.
The red leg formed a Trading Range (TR), and later on the Blue leg attempted a Breakout (BO) from the previous TR which failed, forming a Double Bottom (DB) in the TR.
The failed BO trapped all the bulls that expected higher prices, but as the DB was respected and the price surpassed the top made at the BO (point X), I am thinking that more buying is about to come, and if we see 90.70 we should be selling into it as the marked has proven that big moves to the upside retrace deep.
Comment:
Currently, I'm filled and with my stop at Breakeven.
Comment:
I have input an order to add to my position at 88.32.
If I get filled, stop loss on both will be moved to 88.83
If I get filled, stop loss on both will be moved to 88.83
Comment:
I was not filled on that order, so I'm cancelling it and closing my position here at this support level with +240 points in profit.
A Three Drives to a top is forming in the 4H at the same point where an ABCD pattern finishes from the previous swing.
I am changing my order to 89.3 with a stop 45 points higher (at 89.75).