NZD/JPY strong sell off after M Formation -Thanks to Smart Money
Initially, NZD/JPY formed an Ascending triangle.
We had 1 Confirmed break above, showing upside was coming.
However, it was a fake out and a shakeout.
Fakeout in a way that it spooked the buyers as the price went out.
Shakeout as in Smart Money came in and sweeped liquidity (Buy side liquidity). This resulted in a major sell off...
And so, the M Formation was created.
200>21>7 - Bearish
RSI<50 -Bearish
Target 79.50
As traders it's our job to swallow our ego and move with the markets when they change trend. There is no place for ego with trading.
We had 1 Confirmed break above, showing upside was coming.
However, it was a fake out and a shakeout.
Fakeout in a way that it spooked the buyers as the price went out.
Shakeout as in Smart Money came in and sweeped liquidity (Buy side liquidity). This resulted in a major sell off...
And so, the M Formation was created.
200>21>7 - Bearish
RSI<50 -Bearish
Target 79.50
As traders it's our job to swallow our ego and move with the markets when they change trend. There is no place for ego with trading.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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