One of my favorite tradable crosses over the last few months for those who have followed my posts and has given us some clear directional signals.
My latest trade was to short on Monday around the top of the channel. I waited for some confirmation on the H1-H4 charts and managed to enter once price began to look heavy.
We are approaching the 50% area (blue line) from the July 2017 highs – November low which proved a rather sticky area to breach on the way up. Hence I’ve decided to bank half here and watch to see if we can slice through the level with a little more style on the way down. We also have the lower line of the channel (green) to punch through, which conveniently corresponds with the 50% at this time.
This will be my line in the sand in deciding what to do with the remainder of my position. If we slice below, then I will add back to the trade, Trouble breaching the level or signs of a bounce will have me covering in full.
Worth keeping on the radar if you have no position in this coming dogfight. …….bounce or break, this should be a good trade to try and poach around the level .
NZDJPY-H1
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
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