Nzdjpylong
NZD/JPY Giving A Good Bullish P.A,Risky Long Setup After ConfirmThis Is An Educational + Analytic Content That Will Teach Why And How To Enter A Trade
Make Sure You Watch The Price Action Closely In Each Analysis As This Is A Very Important Part Of Our Method
Disclaimer : This Analysis Can Change At Anytime Without Notice And It Is Only For The Purpose Of Assisting Traders To Make Independent Investments Decisions.
NZD/JPY :: Wait until it breaks .NZD/JPY :::
Purple channel :
It has been drawn in the daily time frame, currently the price is at the bottom of the channel, if it breaks, the price will reach 78 in the next few weeks .
Orange channel :
It is broken and it greatly increases the probability of purple channel failure .
Targets if the bottom of the purple channel breaks :
1_ 81.400 $
2_ 79.110 $
3_ 77.250 $
NZDJPY Long Trade SetupA bullish opportunity recently presented itself on the kiwi-yen trading chart (My profit target was triggered when I took the other side of the trade {sell/short/bearish} in the recent past). This follows from the bullish harami candlestick pattern which printed on the 82.112 support level but closed above the same level, indicating a false breakout (fakeout) of the level. A stop loss below the 81.000 psychological level and a profit target anywhere between your entry and the swing high of 87.885 could give you a reward-to-risk ratio as high as 3 or even higher. Be sure to size your position based on your trading account balance and apply other risk management measures before placing trades.
FX:NZDJPY
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Your FX Plug
NZDJPY - LONGDAILY: took support from lower Daily support, and created a hammer. price is stucked in this box, taking rejection from top (marked). can be longed here to test upper rejection Daily.
Hourly: creating HH, HL from daily support. crossed its own Hourly Resistance as well. Entry taken at 84.00 when resistance was crossed.
TP 1: 123.6 fib
TP 2: 138.2 fib
TP 3: 150 fib , where Hourly resistance lies as well.
SL: BELOW 78.6 fib
Jamie Gun2Head Trade - Buying NZDJPYTrade Idea: Buying NZDJPY
Reasoning: We are at a key 4hr support level, RSI showing oversold level, looking for an intraday bounce
Entry Level: 83.39
Take Profit Level: 84.54
Stop Loss: 83.05
Risk/Reward: 3.38:1
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