Hi guys,
here on NZDJPY we've just tested a very important level on the daily timeframe, while creating a double bottom with RSI divergence on the lower timeframe (4H). This is a clear sign of reversal and could point to a change in trend on a long term basis (especially in the location we're). One of the way that you can trade double bottoms is by waiting for a break and then trading the retracement of the leg that break the neckline (at the 618 ret). And that's what i'm going to to do if price will give me the chance to.
Stops and targets as displayed.
If you have any question/idea, feel free to ask.
Otherwise, see you in the next chart!
here on NZDJPY we've just tested a very important level on the daily timeframe, while creating a double bottom with RSI divergence on the lower timeframe (4H). This is a clear sign of reversal and could point to a change in trend on a long term basis (especially in the location we're). One of the way that you can trade double bottoms is by waiting for a break and then trading the retracement of the leg that break the neckline (at the 618 ret). And that's what i'm going to to do if price will give me the chance to.
Stops and targets as displayed.
If you have any question/idea, feel free to ask.
Otherwise, see you in the next chart!