NZDJPY - Purple War Zones!

2 พ.ค. 2021

NZDJPY rejected the upper purple war zone and traded lower.

However, NZDJPY is still overall bullish trading inside the blue channel, so we will be looking for Trend-Following Buy Setups.

As per my trading style/plan;
Here are the two strong zones where I will be looking for high probability buy setups:
I call them War Zones, (highlighted in Purple circles)

Zone 1: (around 77.90)

This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower blue trendline.

If NZDJPY breaks the green support (Zone 1) downward, then the next support would be the red one. (Zone 2)

Zone 2: (around 76.70)

This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the red support and lower brown trendline.

As per my trading style:
As NZDJPY approaches one of the purple circles, I will be looking for reversal bullish setups (like a double bottom pattern, trendline break and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich