NZD/JPY Prepare for 1000 pips +
We already got major trend change for NZD/JPY but we are only waiting for good entry!!
We may not reach previous structure for entry but we will have to entry earlier after breakdown of retracment up to EMA 36. Using heikin ashi candles helps us that so after breakdown of retracment i will short it defnitely.
Resons for trend change are already written on the chart :
1. We have got valid double top
2. Later existing support hold price and made extreme structure which now reacts as a resistance
3. After that we have got LH (lower high) which signals us trend weakning
4. And after that we have got straight breakdown of EMA 200 + that major structure + trendline even before
5. We are getting LL at this moment (Lower low)
Our stop loss is little above the structure but anyway we have rules to exit trades after breaking structure differently which save us a lot of pips (manual exits if trade goes wrong with rules ofcourse)
Target will be major PRZ down there at 75.000. Remember to split your trade in at least 2 or 3 positions so you can close it at minor PRZs and EMA 633 exit.
How to trail it?
I personaly like trailing it above EMA 36 which is very good by the results. If you want to be more agressive, trail it above EMA 12 or even above retracments.
We expect around 1500 pips + with several positions or even more.
Best regards
We may not reach previous structure for entry but we will have to entry earlier after breakdown of retracment up to EMA 36. Using heikin ashi candles helps us that so after breakdown of retracment i will short it defnitely.
Resons for trend change are already written on the chart :
1. We have got valid double top
2. Later existing support hold price and made extreme structure which now reacts as a resistance
3. After that we have got LH (lower high) which signals us trend weakning
4. And after that we have got straight breakdown of EMA 200 + that major structure + trendline even before
5. We are getting LL at this moment (Lower low)
Our stop loss is little above the structure but anyway we have rules to exit trades after breaking structure differently which save us a lot of pips (manual exits if trade goes wrong with rules ofcourse)
Target will be major PRZ down there at 75.000. Remember to split your trade in at least 2 or 3 positions so you can close it at minor PRZs and EMA 633 exit.
How to trail it?
I personaly like trailing it above EMA 36 which is very good by the results. If you want to be more agressive, trail it above EMA 12 or even above retracments.
We expect around 1500 pips + with several positions or even more.
Best regards
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