Long on NZDJPY - Structure trade
Updated
Hi guys,
there are several reasons why i'm going long on this pair. For starters, price is testing a very important structure level that you can see both on the daily and weekly timeframe, and in doing so it's creating a nice divergence on RSI on the daily. Moreover, if we lower a timeframe, we can see on the 4HR that we have two engulfing candles (one after another). The final clue comes from the hourly timeframe where there's a double bottom with RSI divergence broken to the upside.
I'm going long with stops below the low and targets as showed.
If you have questions/ideas, feel free to share them beneath.
Otherwise, see you in the next chart!
there are several reasons why i'm going long on this pair. For starters, price is testing a very important structure level that you can see both on the daily and weekly timeframe, and in doing so it's creating a nice divergence on RSI on the daily. Moreover, if we lower a timeframe, we can see on the 4HR that we have two engulfing candles (one after another). The final clue comes from the hourly timeframe where there's a double bottom with RSI divergence broken to the upside.
I'm going long with stops below the low and targets as showed.
If you have questions/ideas, feel free to share them beneath.
Otherwise, see you in the next chart!
Trade closed: target reached
First target hit. Stops moved to breakevenTrade closed: target reached
Second target hit!
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