FOLLOW-UP STRUCTURE | NZDJPY

We recently closed our last trade on this pair with 188pips profit (see link below for reference purposes) and it appears price is stalling for a correction move. See plan below

TRADE I
Tendency: Temporary Downtrend (Bearish)
Structure: Harmonic | BAT
Observation: i. There is a price drop via XA leg.
ii. B retraces 0.5 of XA leg.
iii. BC retraces 0.618 of AB.
iv. CD is a 1.618 approximate extension of AB.
v. D is at a 0.886 retracement of XA leg.
vi. Price below Moving Averages on lower time frames.
Trading Plan: SELL with a potential TP1 and TP2 with 350pips and SL @ 74.000/75.000zone.
Risk/Reward: 1/2
Potential Duration: 3 to 7 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.


TRADE II
Tendency: Uptrend (Bullish)
Structure: SUPPLY & DEMAND | Trendline | CRAB
Observation: i. The uptrend trendline signals that the demand for NZD is greater than the supply hence suggesting that price is likely to continue upward.
ii. Expecting correction of price action to hit DEMAND zone.
ii. DEMAND zone coincides with trendline from where price is expected to bounce off and continue in the direction of the prior trend.
iii. Trendline and Moving Averages within the zone 69.000/70.000.
iv. Uptrend tendencies give rise to possibilities of CRAB pattern forming.
Trading Plan: BUY with a potential TP to be communicated later and SL depends on level of reversal.
Risk/Reward: N/A
Potential Duration: N/A

Watch this space or channel for updates as price action is been monitored.


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