Hello I would like to trade the NZDJPY but my broker doesn't have it... Would I just go long on the USDJPY and then long on NZDUSD ? What I then understand is if I have one with a price of around 0.6400 and the other of 113.50 - how can I know when I have reached my target and take profit. If say the USDJPY downtrends but the NZDUSD uptrends how do I know where I am relative to everything. I suppose I could switch brokers but I already like the one I am worth and prefer to keep everything in one pot... Thanks for any insight into this one.
also should I necessarily get an equal sized lot of USDJPY in comparison to the lot size of NSDUSD ? Say 1 mini of each?
I’m feeling pretty content with the tools I’ve come to use to interpret market conditions and won’t be surprised if any modifications I make in the future amount to no more than minor adjustments. In fact, the amount of clarity I feel like I'm getting from my combination 60-, 15-, 5-, and 1-minute setup leads me to believe it might be kind of fun to look for a daily “money trade” that appears almost destined to yield a significantly return within the next 24 hours or so. If nothing changes between now and next week’s open, for me that trade would seem to be a long position in NZDJPY. The week-to-week trend has been bullish ever since November 28th. The day-to-day plunge that took place on Tuesday and Wednesday of last week tried to change that, but was unsuccessful, and Friday’s bearish intraday trajectory has resulted in a structure that is almost ideal for entering a long position as soon as the intraday trend resumes its bullish ways, so that’s what I’m planning to do.
I do not yet have confirmation for entering an NZDJPY long position, but I am doing so nonetheless due to market structure combined with the amount of pullback that has occurred over the last ten or so hours (and also because I do not have the luxury at this time to monitor market conditions on an ongoing basis to enter when the signal DOES occur).
This is an aggressive trade given the NZDJPY is nowhere near crossing above my primary trigger line. But though bearish, the pair is not decidedly so, and the rate was rejected exactly where my forecast model would have expected this to occur (around 72.81). So I am hopeful the pair will continue to behave as one might expect, and climb at least as high as 73.60.
Given that NZDJPY has been in an overall decline ever since the end of July 2017, and seeing as how it has recently been bearish for only three days now with no signs at this time of wanting to turn north, combined with the fact that it appears not to want to pull back any higher than 73.56 at the moment...I am hopeful that it will opt to resume a southbound trajectory, and therefore decided to enter a short position.
Well, that didn't take very long at all! Not only was my target hit, but the rate is all the way down to 72.84 at this time.
This trade is premature. I’m “hoping” NZDJPY has come to the end of an unsustainable push north, but do not yet have any verification whatsoever that this is indeed the case! Nonetheless, I am willing to take the risk given that I am looking for about a 100-pip payoff vs. a 35-pip (more-or-less) loss.