PA has pulled back to the 61.8% Fib level and have moved down to lows of 122.982. Expecting price to continue down to finish this correction and find demand at 120.713/120.203.
A decent pull back on the lower TF would cause for me to enter.
Watch and Wait
As you can see from the analysis here. NZDJPY respects the daily level of70.036 very well. I have marked these areas out in yellow where price has reacted purely off these. If you look at the trendline we currently have we can see that the pair was on the rise. You can see where the red box is where we lost the trade as we expected more upward movement. With...
Patterns tend to repeat themselves. There is an interesting similarity happening here.
Bear in mind that the markets are random but do hold hidden patterns.
Caution and controlling loss are the big priorities. Positioning the next.
I'm stalking this situation very carefully. No predictions today or at any other time.
Disclaimers : This is not advice or...
We can now look to start taking sells on this pair. We took this trade out at 17365 level as it was a nice place for us to enter.
A retest of the trend line and also a test of a daily support level. A nice RR trade this with only a 25 pip SL to ensure we do not risk too much on the trade.
We can see price previously made a lower low, i am looking to go short upon a lower high, however i need a confirmation candlestick to confirm my short entry. A wick to the 50EMA then rejection down to the 61.8 could look likely...