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NZDJPY Trade Setup (Nov 11)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-11-11_10-33-37-NZDJPY3

Dear Carry Traders,

I successfully created one Long position yesterday.   But earlier today, it was stopped out as even.

Well well, let’s move on dot com.

Fortunately, the opportunity seems to be there still.

Here is the Daily chart.

Notice the price has been supported by MPP & 55EMA at Role-Reversal Support zone.   Also notice Daily Stochastic just crossed under 25%, and expecting to go up.

2015-11-11_10-30-11-NZDJPY1

 

Here is H4 chart.   The price as been supported by Fibonacci 61.8% & Support zone as well.   Also notice H4 Stochastic has crossed at 25% and heading up.

2015-11-11_10-32-14-NZDJPY2

 

What?

 

DAILY STOCHASTIC HAS CROSSED UP      and

H4 STOCHASTIC HAS CROSSED UP

 

Really?

 

Well, how about Hourly chart?

2015-11-11_10-33-37-NZDJPY3

Interesting.  Hourly Stochastic is up and about to end the up cycle.

It is becoming really interesting.   Let’s wait until the down cycle is over with Stochastic. (it will take 6-8 hours?)

Then hopefully, the price will come down to Support zone (80.30 – 80.40).

I think that will be a fantastic Long opportunity.

 

For the summary…

 

a) Daily Stochastic just became UP
b) H4 Stochastic just became UP
c) in 6-8 hours, Hourly Stochastic will be in up cycle & hopefully the price will be at SUPPORT !!

 

I will put the BUY order now @ 80.40 with SL=80.20

 

Hope this setup helps you develop your own.

 

 

YJ Baik – Forex.Today @ OSAKA

 

 

 

 

 

 

2 comments on “NZDJPY Trade Setup (Nov 11)”

  1. Profile photo of Dimitar Ivanov
        November 10, 2015

    Thanks YJ.

    A wee nore for myself:

    – Fundamentals:

    * RBNZ states that ““there is less scope for monetary policy easing to offset a sharp rise in funding spreads.”

    * RBNZ concerned about dairy and housing sector.
    1) Dairy prices still falling. Next meting on 17th of November.
    2) Need to learn about the housing sector. Currently know nothing about it!

    – Technical:

    * MPP at 80.1157
    * If H1,H4 and D1 are in line at around London open, then
    * Baltic Dry Index still falling. Currently at 622. Also, close to approaching the low April’s and May’s levels. Keeping an eye for a pottention bottoming of the market, fallowed by a reversal pattern.

    *Bias: long
    *Entry: around 80.11( being a MPP and also WM2)
    *Target: 84 (MR1). Why at 84? Fibbing on a weekly chart shows that 84 is a 50% retracement, therefore bears may jump in. Therefore, taking profit at 84 is reasonable.
    *Maximum potentioal loss for this trade: 50 pips

  2. Profile photo of Dimitar Ivanov
        November 10, 2015

    *Also the COT report for NZD: more longs and less shorts.

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