Bullish Shark Setup:
Long NZDJPY
Daily and 1Hour Bullish
Reasoning:
-reaction off of the daily bullish trendline
-price cleared previous support, which should become support again
Entry Trigger:
Aggressive- Limit order at 72.46
Conservative- Buy a bullish harmonic on the 1-5 minute timeframe if we get a pullback
-Today's largest amount of volume occurred at 72.46 (bullish market movers) They should push price up when it approaches again.
stop loss reasoning:
You could put your stop around 72.30 below the swing low, but i am more aggressive and i will be using a 10 pip stop and i'll use that second volume node i have labeled as my last line of defense
take profit reasoning:
that is where the most amount of BEARISH transactions occured because price when sideways as banks built positions then they moved it downward, the reversal zone for the shark to switch into a 5-0 is also right at that price point as well. 72.80.
I believe this trend is getting tired of going up so my TP is conservative here, if entry is triggered and price makes a new high i will move to break even.
-Peace, Love , and Profits
Long NZDJPY
Daily and 1Hour Bullish
Reasoning:
-reaction off of the daily bullish trendline
-price cleared previous support, which should become support again
Entry Trigger:
Aggressive- Limit order at 72.46
Conservative- Buy a bullish harmonic on the 1-5 minute timeframe if we get a pullback
-Today's largest amount of volume occurred at 72.46 (bullish market movers) They should push price up when it approaches again.
stop loss reasoning:
You could put your stop around 72.30 below the swing low, but i am more aggressive and i will be using a 10 pip stop and i'll use that second volume node i have labeled as my last line of defense
take profit reasoning:
that is where the most amount of BEARISH transactions occured because price when sideways as banks built positions then they moved it downward, the reversal zone for the shark to switch into a 5-0 is also right at that price point as well. 72.80.
I believe this trend is getting tired of going up so my TP is conservative here, if entry is triggered and price makes a new high i will move to break even.
-Peace, Love , and Profits
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.