Bear 123 - 1HR TF - Short-term correction?

6 thg 9, 2016

What we have here is a SHORT position on NZDJPY (1HR Timeframe)

My Bias:

• 1HR Setup was preceded with a Reg Bear Divergence
  
• PA showed a rejection of the 88.6 level, confluenced with a supply zone at 75.975
  
• Missed WEEKLY and MONTHLY pivots at 75.03 and 74.0897
  

In the context of the Higher Timeframe:

• WEEKLY PA had been making new lows, however we have a Bullish CTL close
  
• DAILY also formed a 123 with P3 rejecting the 200MA and 78.6 fib level/88.6 fib fans
  

i'm expecting the ride the wave down to the WEEKLY TL, to retest then i'll re-evaluate my position and look for potential LONGS

#BearringtonTrader