NZDJPY has formed a 100 score bearish engulfing pattern on the daily time frame.
The significant bearish engulfing is in the direction of the long term down-trend.
A very strong Bollinger Band out-break confirms this setups.
A move down will confirm the start of impulse wave 5.
Strong support formed at 79.3. SL set above previous highs.
TP set at strong support. 1:6 risk to reward ratio.
I will close this trade upon the close of the first opposing significant engulfing.
The significant bearish engulfing is in the direction of the long term down-trend.
A very strong Bollinger Band out-break confirms this setups.
A move down will confirm the start of impulse wave 5.
Strong support formed at 79.3. SL set above previous highs.
TP set at strong support. 1:6 risk to reward ratio.
I will close this trade upon the close of the first opposing significant engulfing.
Kommentera:
Price was quickly rejected at the middle Bollinger Band (20SMA) on the weekly time frame.
Kommentera:
For a very low risk entry you may set a sell limit (blind entry) at the 50% retracement level of the bearish engulfing candle when measuring the daily high of the entry candle to the low. (Half of the engulfing candle's total length)
A confirmation candle will further confirm this setup.
A confirmation candle will further confirm this setup.
Kommentera:
Here is the current elliot wave count. It appears wave 5 has started.
Trade stängt: Stopp nått:
-83 pips loss. There is still a possibility to short this pair if another bearish engulfing pattern is formed with a strong Bollinger band outbreak.
