Waiting for next week setup with options: ++ if price break the resistance line, setup win for bull but need confirmation to prevent false breakout, this can be solve by identifying price retest. ++ else, price break the support line, setup win for bear and confirmation is based on the main trend which is down trend. ++ also, need to watch out incoming news...
NZDJPY has formed a descending channel. The descending channel is a price action that usually results in a breakout to the upside. Though this classical pattern always is self-fulfilling, we may use another technique to confirm the breakout direction. Whenever there is a channel formation, descending or ascending, a third line parallel to the channel can be drawn...
still believing in this short. Previous position not SL yet, and currently new channel has appeared which shows h1 divergence as well. there is a sort of channel within channel, but the real move can only come if it clears ~ 87.12 .Adding on shorts at higher positions.
Continuation pattern setting up in nzdjpy. JPY weakness failing to be crystallized here due to fellow weakness of NZD (weakest of commodity currencies). However, a decent risk/reward play could be setting up with a long position favoured if a daily close above 87.50 level targeting previous highs of 89.50 region and thereafter further upside if that level is...
Besides the 3 Long Patterns (Cypher, Gartley, Butterfly) there are also Long entries via Patterns. A Gartley and a Bat could be in the making.
on the h4 timeframe, I can see a possible right shoulder being formed and I will be keen to reenter on the downtrend via the hns formation. on h1, I will be relying on my usual channel setup, and looking for it break. I am happy when i see h1 divergence appearing. So far I have been short, then long and now short. Perhaps I have been playing all legs of NZDJPY and...
Friday's price action rejected a key support/resistance level. I'd like to see an authoritative bearish bar on Monday to confirm the down move.
That is interesting. Two potential Patterns (Bear Bat and Bear Butterfly with the same entry Level) and a good risk reward for the risk-reward ratio I take the middle of both targets (= 50% retracement) to calculate it. Just my way of doing it...
NZDJPY is moving in a channel towards resistance at 97.00 handle in confluence with 0.764 FIB Ext at 96.45. NOTE: Last time it reached this level was in July 2007
LTF h1 bull flag broken at the bottom with macd divergence. I am using RSI instead as macd is not provided here.
NZDJPY after broken trend line and finished ABC waves . bullish now above 86.50 . target now 78.50 above 87.70 target will be 88.16 and 88.80 . break 86.50 target will be 85.80 --------------------------------- www.facebook.com freefx1.blogspot.com
Actually we see this nice simple structure and second time it spikes into previous structure support as you can see in the bigger picture. I am looking at lower timeframes to get an opportunity for a long trade with good risk-reward. The currency relation this week is 1.6 : 1 so that NZD can start to move up in thios area. Let's see :-) If it starts, take care of...
If PA hits previous lows for a test this bullish bat will be completed for a possible long.
The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY and CADJPY, and a pending order to go long GBPJPY. And now, I'm adding a long NZDJPY trade to this as well. By now the setup is familiar: the pairs were all trending up, but have recently...
A near term top was called last week in NZDJPY but something bigger may be underway. The rate has seen its deepest penetration of 2 year trendline support. The line, when extended from the June 2012 top, exerted influence at tops. As such, the action at this trendline is a major development. Near term, there are characteristics that make the current situation...
NZD has been really strong lately but it's starting to show signs of fatigue. The assenting channel near structure gives me the indication we will likely see a break down. Not to say a news event won't blow things up but the chart reads weak.
NZDJPY nearing resistance zone. 90.00 seems like a strong resistance zone. Short NZDJPY 89.90-90.00 SL 90.50 TP1 88.00 TP2 86.00
possible long trade with resistance in 0.8750 area - previous support, Fib levels overlaying at 0.8753, RSI over sold - SL below 0.87 - approx 1:1 RR