Sunday, March 1, 2015

Live Call - Long NZDJPY (1 March 2015)

There's a good technical setup appearing on the NZDJPY. It's not on my fundamental watchlist, as there was no JPY news last week. This means I'm neutral on JPY. However, the NZDJPY looks to be breaking on the upside due to NZD strength alone (I am bullish on NZD). I might take this trade at half my normal position size. 

My entry would be the break of the top of the engulfing candle (I'm hoping that enough stops will trigger here and push price up). Stop loss would be at the opposite end. Reward would be 1R, towards the top of the projected next swing.

(click to enlarge)

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