NZDJPY: Trade Opportunity at Downtrend Line
What do you think about such a short trade?
The price bounced from the daily downtrend line. RSI and MACD histogram confirmed the price reversal. DMI is bullish and confirms trend market conditions, but ADX line is moving down. It tells us that buyers are not so strong. If so, we can expect a downward movement to SMAs.
Sell below 70.500
Stop above 70.600
Profit target at 70.285
Risk per trade must be no more than 1-2% from the deposit.
If the price breaks the downtrend line, it will be a strong bullish signal. We will have to search for entry points for long positions.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price bounced from the daily downtrend line. RSI and MACD histogram confirmed the price reversal. DMI is bullish and confirms trend market conditions, but ADX line is moving down. It tells us that buyers are not so strong. If so, we can expect a downward movement to SMAs.
Sell below 70.500
Stop above 70.600
Profit target at 70.285
Risk per trade must be no more than 1-2% from the deposit.
If the price breaks the downtrend line, it will be a strong bullish signal. We will have to search for entry points for long positions.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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