I’ll never hesitate to admit a mistake. It helps keep my feet on the ground and my head out of the clouds, which is the only way to be if you’re going to trade.
On Tuesday of last week, I commented on how the NZDJPY looked ready to target 79.40. This idea was a simple break of trend line support combined with the 81.00 handle on a 4-hour closing basis.
Instead of respecting the level as new resistance, the pair gained another 80 pips before returning to the 81.00 region.
Granted the 81.00 area didn’t hold as new resistance, which was one requirement of last week’s idea, but I still chalk it up to commentary that should have never gone out.
With that said, there is one thing about trading that has always been true – with the right amount of patience, time is always on your side.
WE RECOMMEND THE VIDEO: FOREX OR BINARY OPTIONS TRADING. WHERE SHOULD I START?
So still till this day Forex or Binary Options is still a question lol Well in this video I kind of go over my pros and cons for each and from that hopefully you can ...
If we look at the NZDJPY 4-hour chart today, we can see a bear flag has developed following the mid-December selloff. And while these patterns tend to perform best within established trends, there’s little doubt that the price action since December 20th is corrective.
From here traders can watch for a 4-hour close below channel support. As always, the most favorable risk to reward ratio will come to those who wait for a retest of the level as new resistance.
Get FREE Access to Daily Price Action When You Open and Fund an Account With Blueberry Markets!
I still think 79.40 will act as support on the way down per last week’s commentary. However, the measured objective for the bear flag in the chart below is 78.80, which happens to line up with the November 28th low.
Want to see how we are trading this setup? Click here to get lifetime access.
Leave a Comment:
2 comments
Have been following this trade since Dec and it hit the target this week @79.40. Do you ever have losing trades Justin? You really are an amazing trader and we learn so much from you and not just about trading, but discipline and patience as well. Thanks for sharing your knowledge with us!
You’re welcome, Mimi. Glad to help. I have my share of losses, though I always keep them manageable. 🙂 Cheers!
Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Daily Price Action, its employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
Wednesday, 21 October 2020