A Nice Clear Chance to Ride the Channel The market has been moving in a very nice way in the long run particularly in the rising wedge pattern. It made a new high recently and there is a high probability that it will travel down for some time now, my personal taste says 76.5 at least.
A chance to take short ASAP as soon as the market opens because a resistance has been formed and this is a nice entry to travel the down move.
Never risk more than 0.5% risk on the trade, let the risk to reward do its job.
Goodprofits
NZDJPY pre-market analysisIt's been a while since I've published anything, so here we go!
At the last week's close, price seemed to reverse upwards, so I need to find where it's going to end up.
I identified a downward trendline, and it crosses near the level that's associated with a prior consolidation period, so most would say that there's some sort of confluence going on here.
We now make a hypothetical trade, taking a recent high as SL, and the lower level of that side-ways move as TP.
And it has a lower than 1RR, which indicates that this trade is risky.
When a trade's risky, price will often move to its SL, right? Which leads us to the next step, which is moving our entry to match the previous SL
I hope that the market will drop after it has stopped out the people who took the 1st trade.
But I do have another setup in case that fails as well.
The rest of my thoughts are on the chart above for you guys to see.
Happy trading.