This is one of the setups that was presented in today's webinar. If you like the setup - please be sure to attend my next webinar, they are scheduled 16:00-17:00 GMT everyday this week.



NZDJPY - 4H Chart


The above chart shows the NZDJPY has broken out of a 4 hour channel. The price looks to be coming back to retest the trendline. In the webinar I presented an idea to buy or sell any break of the channel as indicated by the lines. I've marked some key support and resistance lines. The trade idea does not carry any type of bias as it calls for a buy of a breach above and sell on a breach below.

The bottom horizontal line in the chart represents support turned resistance at 86.67. It also confluences nicely with the 38.2% retracement of the last leg to the downside ((87.01-86.46). I'm looking to sell at this level. Stops should be placed above the recent peak of 87.01, however an aggressive trader may place stops above the 61.8% retracement coming in at 86.80.

The target for this scalp is 86.32 - which represents the 61.8% retracement of the leg to the upside (85.73-87.26)
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –