Wednesday, December 5, 2012 — NZD/JPY

by jennifer on December 5, 2012

NZD/JPY:  This could get pretty ugly… But I’m going for it. I will share my notes with you, but please do you own trade planning on this one fundamental/technical move.

4 Hour: 

1. I’m calling it… This pair will at some point in time fall through this space. I think it’s coming. OF COURSE, I COULD BE WRONG, SO PLEASE DON’T MORTGAGE YOUR HOME.
2. You could just as easily pick EUR/JPY, GBP/JPY, USD/JPY, AUD/JPY or CAD/JPY. Pick one. NZD/JPY is my favorite.
3. I am planning a series of sells beginning at the top Combo line and through all of the sup/res lines in blue.
4. Price and indicators are flat. Waiting.

I have looked at the daily, weekly and monthly charts, and feel like this pair is in line for a move for multiple reasons. The current position on the longer term charts could be a reasonable retracement/pause in the down-trends which follow risk averse economic times. I happen to think more bad news is on the way, or at least I think no truly good news will be possible economically in the world for a long time, so I suspect Yen will pull some strength.



WEEKLY #2: Fibonacci retracements 


I currently have entry orders to sell at:

67.25 for 30 pips
66.45 for 70 pips
65.37 for 70 pips

Of course I will move my stops to break even as I can, and I may not hold for +70 pips on the last two, but I will try. :)

Good luck!

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