NZDJPY - 2H - Cyhper at major support area

10 May 2016

NZDJPY is retesting a major recent support level, so i was looking for buy signals. this cypher is far from nice (C a bit overextened) but on a daily timeframe its still a valid cypher. regardless, i wanted confirmation befor goin long, yesterday we saw the first atempt of a breakout from the downward channel, followed by downward consolidation. you can trade the breakout if you like, but my tradeplan is the blue dotted line - so break and retest.

10 May 2016

Not

here the daily timefram

10 May 2016

Not

11 May 2016

Not

price is following the blue line nicely. i wanna stay a little bit more patient and wait for price to fall a little more so i can take easy 1:1 profits before retesting the highs we made after the breakout. tg2 will then aim for trendcontinuation following the dotted line further.