. There is a possibility of temporary retracement to suggested support line (75.2). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
A nice structure based wedge has formed along with a nice pullback. very nice risk:reward on this trade, entered slightly late but still very high reward. leave any thoughts or ideas in the comments and happy trading:)
Is this the start of a shadow channel
a channel that trends below the major level
These are fun to trade and profitable the next few days will confirm
In the meantime we shall stay long until we have a break
It is expected the price will bounce on Fib Level 23.6% short retracement to comply with the recent down trend before rallying to the next resistance level and all the way to top limit of Daily Consolidation zone.
NZDJPY Short set up after last weeks lovely bearish action.
4hr bullish trendline broken.
4hr lower low made last week.
I am shorting on the retest of broken trendline, multiple rejections of the Fib 0.618 level and lower high forming.
SL comfortably above 0.786 Fib