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NZDJPY Price Action Analysis – 8th Sept 2017
NZDJPY made a strong move towards the North on the H4 charts. On its way, the pair broke a down trending Trend line as well. Thus, it might be the time for the buyers to get ready to buy the pair on a pullback. Let us have a look at the H4 NZDJPY chart….
NZDJPY Price Action Analysis – 8th Sept 2017
See those 3 consecutive H4 bullish candles. They broke a down trending Trend line as well as a Horizontal resistance at 78.800. This level has now the potential to be a Flip over support. If that really happens, I mean If this level is held and produces an H4 Engulfing candle, then buying NZDJPY would get us some green pips. Let us have a look at the summary of the trade…- Buy Stop order: 79.100
- Stop Loss Level: 78.800
- Take Profit Target: 79.600
- 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
If the recommended support level is held and produces an H4 Inside bar; then an H1 candle makes the breakout; there is still a chance (60%) that the price would hit the take profit level. On the other hand, if we get an Engulfing candle breaching through the resistance level at one go, then the chance is about 90% to hit the take profit level. Thus, we do not recommend our traders take an entry on the inside bar. An Engulfing candle does not only get us a better winning ratio, but it gets a good amount of liquidity as well. Thus, a trade setup takes less time to hit the target.
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