I know NZDJPY is bullish, but it would seem to me the pair ought to have a pretty tough time climbing above the 72.00 handle, at least in the short run. So, I'm going to try to pick up a handful of pips or two here with a counter move. If the pair does ultimately move in my favor, I hope it doesn't take too long in doing so.
I was stopped out of this position, so I'm going to use this situation to attempt to fashion and hone a "fail safe" protocol for governing my position entries going forward—a protocol that I can be satisfied justified my decision even if it did not necessarily lead to a successful trade, which is not the case at present.
The new protocol will not allow me to sell NZDJPY yet, but with this candlestick, it does grant permission to sell NZDUSD. So, I’m going to watch this pair for a while to see what it does. The only problem is, there is not a lot of liquidity in the market right now, so that when “new blood” finally does enter the market, it might push the rate up one last time to take out the last few stops before sending price down below—especially since this pair is not testing statistical resistance like NZDJPY is.
I was given permission to sell the pair a few minutes ago, but a new 24-hour market cycle begins in less than 30 minutes, so I'm hoping either NZDJPY hits my take profit target before then, or that whatever the market does in the hour that follows is not too bizarre.
I just embarked on a new phase of my market analysis. Having completed what I was doing prior (with the development of a final position entry/exit protocol) I turned my attention to what I am calling "universal structure," and in light of what I am doing there, I should not expect NZDJPY to turn south for any substantial period of time, so I won't. Instead, I will be buying USDCHF and selling EURUSD, and probably waiting a few days before doing anything else with NZDJPY until the the universal structure configuration prompts me to sell the pair somewhere between 72.42 and 77.17.