NZD/JPY has broken resistance after the 4th touch on the 4 hr timeframe so I'm looking for a buy signal as you can see there is a flag pattern that has formed after an uptrend.
I’ll also be looking out for the red line as this is the monthly resistance level so price may reject when it reaches there if so I will close the trade earlier.
Feel free to like and...
When I trade I tend to use the higher time frames as I believe they are more accurate. The time frame I will be using in this trade is the 4 HR and the daily.
As you can see it is above the ichimoku cloud which is showing bullish on the daily time frame and it has also crossed the monthly resistance level and is signalling an uptrend , and has formed a flag...
4:1 risk reward ratio.
Will be selling to the bottom of the wedge structure.
Ascending triangle.
Fibonacci Pullback.
TP - 1 At 150.
TP2 - for 500 pips.
Seeing Standard price action being respected, will have to wait for continual uptrend or a further break to the downside to align with the Monthly uptrend forming.
