NZDJPY - 4H - Wolve Wave with double top
I dont trade wolve waves persé tho i recognize them but i do trade double tops, so we might see a nice setup emerging here. whilst you could enter right here, im am looking for a improvement of the RRR. Thats why im looking for a 0.5 retracement retest of the doubletop (some refer to this as 2618 trade)
if we press lower befor goin up i will ofc adjust my entry lower. The idea is, that waiting can improve the risk reward ration on the runaway targets because in both cases the stoploss would still need to go above 5. further u can take early profits at the recent lows after seeing a 0.5 retracement for basicly 1:1 and bring your stops to breakeven, which really is a nopain trade.
if we press lower befor goin up i will ofc adjust my entry lower. The idea is, that waiting can improve the risk reward ration on the runaway targets because in both cases the stoploss would still need to go above 5. further u can take early profits at the recent lows after seeing a 0.5 retracement for basicly 1:1 and bring your stops to breakeven, which really is a nopain trade.
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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.