DislikedBuy stop in NZD/JPY If you have read my previous analysis of USD/JPY, you know that stop grabber has been accomplished as USDJPY penetrated low of Sep 24. Now USD/JPY may pull back. Profit taking from sell positions (closing sell of USD/JPY) by many traders and fund managers ahead of NFP, will also help it. Meanwhile NZD gained as you can see on NZD/USD and it seems to be changing trend today. Note that I analyze USD/JPY and NZD/USD to determine trade setup on NZD/JPY...Ignored
Buy NZD/JPY | Oct 15, 2019
Having seen previous sharp fall in NZD, deep retracement like FIB61.8 on NZD/USD was anticipated. Then NZD bounced when almost all major currency bounced against USD and JPY.
Recently JPY has been losing because global tensions like US-China trade war and Brexit are easing.
Therefore, we decided to buy NZD against JPY.
Note that I analyze NZD/USD and USD/JPY to determine trade setup on NZD/JPY because the two are more popular than it.
Condition for long position has been met on H1 of NZD/JPY.
I have got R:R::1:1 by targeting just previous high with SL below thrust of NZD/JPY.
I am not targeting much because NZD has been weak in long term.
- Joined Mar 2011 | Status: Member | 1,383 Posts
@ziko tnx to your last post I got me some good pips
- I am struggling with entries like everyone out there so I have to be patient.
- Tight SLs cost my a lot( I get into a trade and my stop triggered, then the market moves exactly as I want) add to that there are a lot of entries(go to your M1 and you'll notice there are a lot of attempts{entries} to catch tops and bottoms) + commissions.
- So enter the market at random points is not a bad idea at all, cause it is a RANDOM market. So all we need is patience other than that you'll pay SLs+pips lost in between+ commissions.
- Look at NZDUSD chart and you'll notice that the down trend is there but we only lack liquidity to the downside.
+Edited
Buy NZD/JPY | Nov 21, 2019
About NZD: we've recently been bullish in NZD as illustrated in NZD/USD analysis.
About JPY: you can read EUR/JPY analysis to know why we think that JPY is not gonna turn strong anytime soon.
Conclusion: NZD is strong and JPY is weak, so let's but NZD/JPY.
Here is what we observed on chart of NZD/JPY:
About NZD: we've recently been bullish in NZD as illustrated in NZD/USD analysis.
About JPY: you can read EUR/JPY analysis to know why we think that JPY is not gonna turn strong anytime soon.
Conclusion: NZD is strong and JPY is weak, so let's but NZD/JPY.
Here is what we observed on chart of NZD/JPY:
Buy NZD/JPY, news trade | Nov 26, 2019
As per previous analysis, we have already been bullish in NZD/JPY. This news trade is not only based on this current analysis but also supported significantly by previous analysis that illustrates strength of NZD/JPY in last two weeks.
In last hour, the US and China reached consensus on phase 1, which caused NZD/JPY to break the channel on H1.
I entered at 70.00 right at penetration of upper line of channel. During movement in last hour, I believed on this penetration that it will make H1 close above the channel's line unlike previous penetration because this penetration is supported by a significant news (significant because this news is related to many other positive news of its series).
TP 3.0 pips below ABCD100.0 (70.276) of D1.