. There is a possibility of temporary retracement to suggested support line (74.23). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
Here is the Top-Down Analysis of NZDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a downward channel, price tested resistance of channel and dropping after rejection. Price has already dropped till 0.382 Fib level on monthly bullish impulse.
W > Price tested resistance level thrice...
Forecasting a bear flag pattern to form before entering short.
Trade like the banks and financial institutions.
Do not aim for silly 20-30pips instead look for 90-100 pips and above.
Dont depend on Support/resistance lines because any line you draw with closed eyes will be a support/resistance in the past!
Dont depend on lagging...
Price is clearly formed a bear flag pattern. Hence looking to SHORT.
Thank you to all those who have sent me private message and been following me.
Hope you have understood how simple it is to trade forex with out any support/resistance lines or lagging indicators.
And started to earn good profits as I have told you on what to do.
Just knowing the...