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Nzdjpysell

NZDJPY Wait for the BreakOUT*please take note that a few hours from now there will be NZD news. This news has potential to cause a breakout. So be careful with taking a position before the news. NZDJPY on the daily time frame shows on interesting setup that can either way. A break of the resistance will cause a nice move further up. However if it bounced back and breaks the lower range a new down trend will start. Currently the 4 hour time frame shows a possible 20-40 pips retracement before continuing to go up. Trade Plan: Wait for a break-out to either direction. Alternatively if price bounced back to the lower range but doesnt break it, this means the 4 hour time frame retracement has been completed and price will go up. Use a 60 or 80 pip stop loss Buy take profit: 81.30 > 82.50 Sell take profit: 77.90
by JoshFX1
1
Double Top at StructureHey guys, my usual analysis starts from higher timeframes such as the daily. There i've highlighted a key level of structure looking left, a resistance area that could stop the price's rally. As i go down on lower timeframe such as 4h i can see there are two tests of this specific level (also a psychological level, 79.00) both failing in making new highs. This makes me think a reversal could be setting up and therefore i'm getting involved in the short side of this, with stops above the highs and target1 at the retest of the lows; target 2 to be determined. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Double Top @ StructureHey guys, my usual analysis starts from higher timeframes such as the daily. There i've highlighted a key level of structure looking left, a resistance area that could stop the price's rally. As i go down on lower timeframe such as 4h i can see there are two tests of this specific level (also a psychological level, 79.00) both failing in making new highs. This makes me think a reversal could be setting up and therefore i'm getting involved in the short side of this, with stops above the highs and target1 at the retest of the lows; target 2 to be determined. If you want to share your view or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Now NZDJPY is a short!Hey guys, after being correct in predicting the upward move on this pair (see attachment) we took our profit near 83.00. Now i changed my mind, just watching price action. I'll explain you why. Basically we are testing a strong resistance zone, both in the daily and in the weekly, therefore we could expect some strong resistance here. In addition to that, we also have a Gartley completion right there, together with AB=CD pattern and some Fibonacci extensions. The Gartley is very deep so it provides a very good risk to reward. Nonetheless, being a conservative trader, i want to see more confirmation. We've just entered a OVERBOUGHT condition and now i want to see a candlestick formation signaling selling strength like a double top or an engulfing candle. I'll let you know if i'm selling this. As usual, feel free to write below if you want to share your standpoint or if you want to ask questions. Otherwise, see you in the next chart!
Short
by Roker1
2