NZDJPY Resistance Holding, another Bearish Swing?
NZDJPY is in a corrective structure and has been testing the resistance. tihs is the 3rd test and i think it will act as a resistance again because on the lower timeframe, we can clearly see a corrective flag structure forming after a bearish impulse.
at the very least, we should be expecting another bearish swing, just that we dont know how far it will go.
looking at the top of the 1H corrective structure, we got a beautiful pin bar trapping Long traders. this is the trigger for Short imo
and SL? above the structure high, if price goes back there, means we have to reevaluate our structure identification and relook at the setup.
at the very least, we should be expecting another bearish swing, just that we dont know how far it will go.
looking at the top of the 1H corrective structure, we got a beautiful pin bar trapping Long traders. this is the trigger for Short imo
and SL? above the structure high, if price goes back there, means we have to reevaluate our structure identification and relook at the setup.
Comment:
Trade is triggered. Moved stop to BE because the structure may evolve into a Corrective Structure. i will rather take BE trade then to see my trade up 1% profit then goes -1% overnight.
Comment:
Indeed the price pattern evolved into a higher timeframe corrective structure. BE trade for this pair.