Nikkei 225 – Corrective Structure With Two False Break Setups | Dec 6
Chris Capre’s Current Price Action Trades: EURUSD, EURCHF, EURNOK, CHFJPY, FTS, TRP, REMX, FXo EURJPY, FXo EURPLN
NOTE: Check out my Top Trades for 2018
Nikkei 225 – MT Corrective Structure With Two False Break Setups (4hr chart)
The Nikkei 22 is currently ‘resting’ in a MT corrective structure on top of a bullish HTF move that produced 8 bullish weekly closes.
Since then, we’ve had two false break setups on either side of the structure, indicating interest from both sides of the fence. For now I expect the structure to hold considering the highly imbalanced order flow on the HTF.
As long as the structure holds, bulls can look for potential trading locations around the bottom of the structure coming in @ 22100 with next resistance being the top of the structure @ 22950.
A strong daily close below 22 000 would open up for a move down towards LT support @ 21 000 which in turn can present MT & ST bears with attractive trading opportunities IMO.
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