Possible short term trend reversal on AUD/JPY
Pros:
1) 1h Trendline broken
2) Bullish Pin Bar Rejection of 6,18 and 50EMA
3) Price Action at longterm multiple tested 1d support zone
4) Recent Golden Cross of the small EMA's on the 15min
5) Bullish MACD divergence
Cons:
1) Downtrend
2) EMA's and price action below the 200EMA
Feel free to put your stop loss below the recent swing low, that would be more safe. The reason I use a very tight stop loss for this trade is the risk/reward ratio of 1:2 as I prefer to get out of the trade below the 200MA. Risk max 3% of your account balance for this trade.
Give it a thumbs up if you like this idea. Thx
1) 1h Trendline broken
2) Bullish Pin Bar Rejection of 6,18 and 50EMA
3) Price Action at longterm multiple tested 1d support zone
4) Recent Golden Cross of the small EMA's on the 15min
5) Bullish MACD divergence
Cons:
1) Downtrend
2) EMA's and price action below the 200EMA
Feel free to put your stop loss below the recent swing low, that would be more safe. The reason I use a very tight stop loss for this trade is the risk/reward ratio of 1:2 as I prefer to get out of the trade below the 200MA. Risk max 3% of your account balance for this trade.
Give it a thumbs up if you like this idea. Thx
Trade active:
Couldn't reach target in time and the 200MA acting as a resistance. I reduce my stop loss to 5 pips to keep an eventual loss low and put my TP to 1:5 in case we are able to break the 200MA.
Couldn't reach target in time and the 200MA acting as a resistance. I reduce my stop loss to 5 pips to keep an eventual loss low and put my TP to 1:5 in case we are able to break the 200MA.