Reply To: NZDJPY

#7953
Daren Steven
Participant

Hi Cris

Thanks for the tip on the 4 hour, I generally only use this chart as an aid to pick at entry point however if I go through my analysis of the chart and maybe you can give me some feedback.

OK the weekly chart is in a range between 83.5 and 72.6 since July 2015 nearing the bottom of the range on a fairly steady downward trend making lower highs and lower lows. The trend line has been respected on 4 occasions since February this year.

Reasons for taking the trade
PINBAR touching the trendline
We are in a downward trend
20,50,200 EMA all above the pin bar and at the 4pm position and all 3 have good distance between them indicating cyclicity.
Below the weekly and monthly pivot.
R&R +3 to 1
Rejected the .764 Fib level

Reasons for not taking the trade
4 hour chart indicating a price reversal(more clarity required as not in the Lazy Trader trading rules)
No clear level of resistance.
Approaching the bottom of a 3 year range.

Looking at the week ahead there are no major news events and can see no reason why the trend should not continue.

Your thoughts?

Kind Regards

Daren

  • This reply was modified 5 years, 10 months ago by Daren Steven.
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