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NZDJPY Price Action Analysis – 14th Aug 2017
NZDJPY has been very bearish on the H4 chart. The price has kept making lower lows and the trend seems to be strong to make new lower lows. At the moment, the H4 chart is having a retracement. The price is at a level, which has the potential to be a strong level of resistance. Let us have a look at the H4 NZDJPY chart….
Have a look at the bearish ride. After breaking a support level at 80.170, the price kept coming towards the downside. Then, it started having correction. If the level of 80.170 is held by the H4 candles, then it would be a flip over resistance. Thus, a bearish Engulfing candle right from that level would attract the sellers to sell off the pair. Have a look at the summary of the trade…- Sell Limit Order: 80.170
- Stop Loss Level: 81.200
- Take Profit Target: 78.600
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Many Forex traders at the beginning and even the price action trader want to know whether indicators can be used in trading. To some extent, some indicators work well, such as Moving Average, Stochastic, RSI. Etc. However, there is a catch. A trader has to know what setup of an indicator to use on which time frame. Moving Average 200 would work well on a 15M chart, but it would not work that well on a Weekly chart. Same goes with other indicators as well. This means to be able to use indicators, we have to do a lot of back testing.
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