NZDJPY Price Action Analysis – 6th Nov 2018
NZDJPY made a huge Bullish move on the H4 chart. Then the pair seems to have found a level of Resistance. In fact, there is a strong possibility that the pair might produce a Double Top. If that happens, then an H4 breakout candle right at the Neck Line of that Double Top would be the signal to take a short entry. Let us have a look at the H4 NZDJPY chart.
As we see that the level of 75.515 is the level of Resistance. This level might become the level of Resistance of the Double Top. If one of the H4 Bearish Candles makes a breakout at the level of 74.915, then the price would head towards the level of 74.100. Let us have a look at the H4 NZDJPY chart.
- Sell Stop Order: 74.915
- Stop loss: 75.515
- Take Profit: 74.100
- 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
The Daily chart shows that NZDJPY has been trapped within a Horizontal zone. However, the H4 chart has been very active though. The H4 chart has been obeying the Support and Resistance level of the Daily chart. It keeps offering us Long and Short entries. My point of saying is it is good to have strong trend on the Daily chart. We then find out an entry on the H4 chart with the Daily trend. However, if the Daily chart is in a big range, but H4 chart shows clear trend that is good enough to look for the entries. Point to be noted is the Daily ranging zone has to have enough space.
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