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NZDJPY Trade Setup (Nov 9)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-11-09_14-02-32NZDJPY2

Dear Carry Traders,

Last week I suggested to hold on to buy this pair until Daily Stochastic goes down low, simply because I saw Divergence on Stochastic.

2015-11-09_14-00-08-NZDJPY1

Now Stochastic is down to 25%, and waiting to cross up, while the price seems to have bounced up at MPP (and Role Reversal Support Area).

I think it is safe to say, let’s buy it.

On H4, the price made Double Bottom, and made Higher High (even a bit…).   So simply we can buy from the next Higher Low.

In case the price is rejected from the current resistance, then (as usual), we can buy from Fibonacci 38.2-61.8%.    If, however, the price continues to go up and break the resistance, then we can buy from the re-test at 80.80-90 level.

2015-11-09_14-02-32NZDJPY2

 

Hope you can add another Long position today.

 

 

YJ Baik – Forex.Today @ Tokyo

 

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