Good evening trading floor,
A couple of positions are on the way out this evening. Firstly, we are looking for a continuation on the NZDJPY position.
NZDJPY – 4 Hour Charts
The trend line resistance worked well for our position last week. We are now seeing a rising channel / corrective structure higher, this can also be known as a bear flag. A bear flag pattern can occur prior to another drop in the market. We are no waiting for the next breakdown to enter a short position on the pair.
NZDJPY – 1 Hour Charts
Trade Setup: SELL STOP – Entry Point 74.80, stop loss 75.25 and take profit 74.00-73.80.
Stop loss: 45 pips
Take profit: 80-100 pips
If the market breaks to the upside of the flag formation that indicates a continuation to the upside may occur, so you can close down the order.