NZDJPY - Muti TF Technical Analysis - 6 year trendline & Support
This is a high probability trade with an almost 6 year trend line that we broke out of this month sitting on a well tested formerly supply zone, now demand. That's it. Simple trade. 😇
The Daily price action appears to be slowing down so should be primed for a buy right at the trend line.
Set your TP wherever you like but I'll probably set the initial TP at 73.5 but have it trailing at 1xATR and ride the incoming trend.
Please follow proper risk management. I use 1.5x Daily ATR which puts my SL at 225pips. Pretty large but as a more volatile pair, this could easily test your resilience and have a large DD before going in your direction. Buy at the DD and don't be the DD 😅.
Happy trading
The Daily price action appears to be slowing down so should be primed for a buy right at the trend line.
Set your TP wherever you like but I'll probably set the initial TP at 73.5 but have it trailing at 1xATR and ride the incoming trend.
Please follow proper risk management. I use 1.5x Daily ATR which puts my SL at 225pips. Pretty large but as a more volatile pair, this could easily test your resilience and have a large DD before going in your direction. Buy at the DD and don't be the DD 😅.
Happy trading
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