Note
-NZDJPY showing signs of reversal after buyers pushed price up to 74.2 but sellers rejected higher price at a level of resistance.
-This price action resulted in a 4H pinbar candle AT RESISTANCE which is a bearish sign meaning sellers may be stepping in and players long in the market may be taking profits.
-Stochastic is also overbought with bearish price action at resistance
Entry
-Keep enough distance below the low of the reversal candle to confirm a transition of power from bulls to bears
Stops and Targets
-Set stop above the high of the reversal candle with some buffer
-Set target 2 times your stop
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
-NZDJPY showing signs of reversal after buyers pushed price up to 74.2 but sellers rejected higher price at a level of resistance.
-This price action resulted in a 4H pinbar candle AT RESISTANCE which is a bearish sign meaning sellers may be stepping in and players long in the market may be taking profits.
-Stochastic is also overbought with bearish price action at resistance
Entry
-Keep enough distance below the low of the reversal candle to confirm a transition of power from bulls to bears
Stops and Targets
-Set stop above the high of the reversal candle with some buffer
-Set target 2 times your stop
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
Trade closed: target reached
Price quickly reached targets!
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.
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.