NZDJPY MACD Divergence, triple bottom

19 Mar 2017

Hey traders, here's another setup I will be watching this week. I will wait until tomorrow morning to see how this plays out, just to make sure price isn't going to break down any further. We have divergence on the MACD indicator, as well as a triple bottom. I could definitely see price breaking down lower, but I am going to assume that price will take the path of least resistance, which would be going up to the levels that it has been the last few weeks. As with most of my trades, I give price plenty of room to breathe, placing my stoploss far enough away in case price wants to continue to text those support levels. Once price reaches the halfway point at 80.0, move the stoploss to break even. Looking to take profits and exit position completely at 81.0, though you can probably ride it all the way up to 81.5 or 82.0.