Waited patiently for NZDJPY to reach Resistance ~83.50
I thought it would reach it yesterday so I was LONG~82.8
Now good Risk-Reward-Ratio (RRR) on the Reversal SHORT.
Conservative Stop Losses to be put above the time-high at 83.75
And... see how this plays out!
today i want to share a traditional structure based trade that's on my watchlist today. On the left hand side of the chart you can see on NZDUSD we are fronting a key resistance level that may stop price action's rally. If you follow me for a while you know i'm a conservative trader and that i need additional reasons for entry in order to set my orders....
Been watching this Potential Bat pattern for a while now. Recently we have had a break of structure to the upside indicated by the break of the first green box, and we are now retracing back down into it. I would now be expecting the market to again make a NSH into the bat completion zone, before rolling over for some profits. If we get up there that is...
Price has printed an indecision candle on resistance on the weekly and on the daily, potentially showing that the bulls have run out of steam
If price breaks below the daily indecision candle, I will go short targeting the previous resistance level.
As we are all aware, USDJPY has defied gravity recently, and I am pretty sure a lot of people have been stopped out at various points expecting a reversal.
I am hopeful for a reversal now, however not ruling out a further stretch upwards.
the chart on the right is daily, whereas the left is H4.
On the daily chart see how the price didn't significantly break...
price way below 50 ema. Price has been rejected from 6928 level a couple times with bullish jumps. Smaller time frames showing bullish momentum. Time to start buying to the weekly high. Stoch oversold.
With the choppyness and slightdowntrend recently INDEX:MIB is going to see a bullish jump basic support and resistence along with the TL being broken shows a reversal (OVERSOLD). Price is well below the 50 and 20 EMA
The last candle still has some time to close, but based on what is now, we can see an indecision forming on area of support. USOIL dropped 3.5% today, which is a strong move, so we may look here for some short-term long positions.