Basic structure trade on NZDJPY
Atualizado
Hey guys,
this is a very basic concept of a structure trade. As you can see above on NZDJPY price just came out from a consolidation period and put new structure highs. At this moment i know my bias would be long; but i can't enter a trade long on the top of the movement, i should wait for price to give me a better entry in order to catch the upward move.
My analysis on higher timeframe tells me that price should test 83 flat and that's why it would be my second target. Anyway, the previous resistance should now becomes support and it lines up with .618 retracement of the impulsive move that break the consolidation pattern.
For all those reasons i'm going to wait for the close of the current candle and see what it tells me. If it'll hold i'm buying this up, hoping for, at least, a retest of the highs and then maybe a move further on.
If you have any question. feel free to comment below.
Otherwise, see you in the next chart!
this is a very basic concept of a structure trade. As you can see above on NZDJPY price just came out from a consolidation period and put new structure highs. At this moment i know my bias would be long; but i can't enter a trade long on the top of the movement, i should wait for price to give me a better entry in order to catch the upward move.
My analysis on higher timeframe tells me that price should test 83 flat and that's why it would be my second target. Anyway, the previous resistance should now becomes support and it lines up with .618 retracement of the impulsive move that break the consolidation pattern.
For all those reasons i'm going to wait for the close of the current candle and see what it tells me. If it'll hold i'm buying this up, hoping for, at least, a retest of the highs and then maybe a move further on.
If you have any question. feel free to comment below.
Otherwise, see you in the next chart!
Trade ativo
Long 71,70Nota
Long 81,70*Nota
Stop 81,21Target1 82,35
Trade fechado: objetivo atingido
First target hit! Stop moved to break evenNota
Second target placed at 82,77Trade fechado: objetivo atingido
Second target hit! +150 pips in total!
Aviso legal
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