Here is some new analysis on NZD/JPY:
1. Price is right at the inner lower band. I want to see if it can go below that band.
2. RSI: The topline is still holding, and there is still room to go down. Hmmmm. I like the idea.
4 Hour chart:
1. RSI is tipping back below the 50. Another run down??
2. Waiting for histo to turn negative.
1. I am willing to enter a trade if I can catch it right when the histo turns negative on the 4H chart, and prices passes below the inner lower band on the daily.
2. I will not use an entry order here, because I need to time this move exactly with the histogram on the 4H chart changing polarity.
3. I will exit immediately if price moves against me after entering the trade. Otherwise, move to break even at +10 pips. No patience, because we have had a good week already.
4. Profit target 30 pips.
Have a wonderful day. Really! I mean it!