NZDJPY Potential reversal at 87.692, Public Journal #3
NZDJPY has been trending up for a long period of time, so I know price will pullback eventually. I've noticed price has now entered a consolidation phase, due to price being exhausted from the endless uptrend, in that consolidation, price has done the peak high, so any short scalpers are now coming into play and trade away from the high.
There is a support level of 85. where many late buyers will use that opportunity to add a long position, because in their eyes, price is still in an uptrend after creating a higher low. But also looking to the left, I can sport and inverted H&S in the pullback to make it look complex. However, from the trained eye, one will use that as confirmation to initiate a long position.
That's a small insight to what I've seen, the rest is down to the charts.
There is a support level of 85. where many late buyers will use that opportunity to add a long position, because in their eyes, price is still in an uptrend after creating a higher low. But also looking to the left, I can sport and inverted H&S in the pullback to make it look complex. However, from the trained eye, one will use that as confirmation to initiate a long position.
That's a small insight to what I've seen, the rest is down to the charts.
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Extreme price action doesn't go well with the Butterfly since it's an extension pattern. One thing I know about extreme price action is, the quicker it goes, the quicker it comes back. This pattern failed to complete so this trade was cancelled.