The weekly swing plan for the nzdjpy short this week was to wait for a rise to M3 and or around the top of the channel, then sell. The channel on the right is on a 4 hour chart. the middle chart is the 30 min, and the left chart is a 5 min. the bottom window is the macd and shows the 21, 55, the window above is simular to the stochastic. as long as the descending channel on the 4 hour holds we are looking to short, but if price closes a candle above, retests and holds, then we may be looking at a hammock reversal on the 4 hour chart = time to go long. Entering at the top of the consolidation and channel would be a slightly better than %50 chance of success as we are going with the trend, and entering at a good price, so with a take profit of the bottom of the channel or weekly s1 the trade risk to reward is worth it.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.