NZDJPY in a daily uptrendNJ currently experiencing an uptrend on a daily basis but has been going sideways for some time on the four-hour chart (h4). It is possible that NJ might look for the bottom yellow line before continuing its upward trend. However, ultimately, NJ is expected to move towards the North direction. The trades I made at this point are debatable, and this decision might cost me some swaps on my demo account.
NJ
ASIA NJ 618 LIMIT ATRNJ and AJ seem to be the last pairs to want to join JPYs downfall, this could either mean we can expect a pullback on all JPY pairs or that its simply late to the party and still gathering volume for a bigger push up.. not sure, but decided to test this hypothesis by entering a limit buy order at the 618 which was just hit. SL used was our ATR formula for a minimum target of 1:2
Bullish Fibonacci ExtensionTrading Plan (EXTENSIONS)
ENTRY TECHNIQUE
Visual interpretation of predefined set-up on chart ( ABC )
A price movement of 61.8% measured from B to C
Pending limit order at 23.6% measured from B to C
TRADE MANAGEMENT
StopLoss: C
TakeProfit: B
Comment:
Bullish Fibonacci extension appearing on chart. Stand by for confirmation.
Good luck to everyone trading NZD/JPY!