NZDJPY Consolidation Stage Breakout
16th June -Price enter contracting triangle
20th June -Price break above the contracting triangle and showing bullish bias trend
20th July -after Bullish engulfing candle, price entering correction consolidation.
Scenario 1
Bullish rectangle-- wait price break above as confirmation and look for pull back and enter Long position
Scenario 2
If price decide to break lower after the long bullish trend for almost one week, look for price break lower and pull back and enter short position
Finally, price break above the consolidation support area with bullish engulfing candle. We will follow Scenario 1 and look for Long Position for this trade.
Buy Limit 70.527
SL 70.027
TP 1 70.727
TP 2 71.027
TP 3 71.727
*Please apply your own risk management skill
*Risk no more than 1% of your trading capital
*Please choose the take profit point best suit your trading portfolio
*Always trail your profit
*Apply BEP to protect your capital
If the pending order didnt get filled, we will delete the pending order
Disclaimer
The content on this trade analysis is subject to change at any time without notice.
Any information provided here is only the personal opinion of the author.
This information is intended for educational purposes.
16th June -Price enter contracting triangle
20th June -Price break above the contracting triangle and showing bullish bias trend
20th July -after Bullish engulfing candle, price entering correction consolidation.
Scenario 1
Bullish rectangle-- wait price break above as confirmation and look for pull back and enter Long position
Scenario 2
If price decide to break lower after the long bullish trend for almost one week, look for price break lower and pull back and enter short position
Finally, price break above the consolidation support area with bullish engulfing candle. We will follow Scenario 1 and look for Long Position for this trade.
Buy Limit 70.527
SL 70.027
TP 1 70.727
TP 2 71.027
TP 3 71.727
*Please apply your own risk management skill
*Risk no more than 1% of your trading capital
*Please choose the take profit point best suit your trading portfolio
*Always trail your profit
*Apply BEP to protect your capital
If the pending order didnt get filled, we will delete the pending order
Disclaimer
The content on this trade analysis is subject to change at any time without notice.
Any information provided here is only the personal opinion of the author.
This information is intended for educational purposes.
