The Japanese Bond is a new chart which I have been looking at for some time. but have not traded it until yesterday.
On the day chart, there is a decent uptrend with several pullbacks for past 2 years.
Indeed the bond market seems to be one which seems to be relatively stable.
A larger bullflag has finally found the bottom with a macd divergence double bottom recently.
A lower timeframe investigation soon revealed that a smaller multiday bullflag has been completed. The concept of fractal tradings is engaged as I looked to trade on the smaller, multiday bullflag to reach the target potential driven by the larger bullflag. However my risk is capped from the smaller sized bullflag.
Although still at D1 , I found conviction in this trade when the bullish engulfing day of 3 days found support from the recent Double Bottom. The circled candlestick phenomenon has been documented regularly for the past few years and I have strong conviction over it.
The only bummer is that this chart requires a larger margins account and hence I could not place a good sized position for this trade.Hence I will now research on the possibility of using unit trust ( CPFIS) to get entry into this market. It will be great if dividends are included as well in CPFIS UT.