Daily Wedge w/ Divergence Spotted!! - AJ
Here I have AUD/JPY on the 4Hr and Daily Charts!
Daily Chart-
-We see Price outlining a Rising Wedge and with this the First inclination that we could see Price push down further is the Bearish Divergence shown as the HIGHS on the RSI indicator suggesting Bulls could be losing Power!
-The High created on Feb. 23rd was followed by a STEEP decline in price!! Much of this caused by BOJ rumors of JPY possibly exiting "Deflation" and with the market doing well!
4Hr Chart-
Price had made a Low after the steep decline from the High giving me an opportunity to find a Fib'd Entry Zone and Price had tested it already at the end of last week. To start this week, price as began to work down validating my Bearish Bias on this pair!
Fundamentally this week:
AUD - GDP (Tue)
JPY - Tokyo Core CPI & BOJ Ueda Speaks (Mon)
*Currently in Active Trade
Daily Chart-
-We see Price outlining a Rising Wedge and with this the First inclination that we could see Price push down further is the Bearish Divergence shown as the HIGHS on the RSI indicator suggesting Bulls could be losing Power!
-The High created on Feb. 23rd was followed by a STEEP decline in price!! Much of this caused by BOJ rumors of JPY possibly exiting "Deflation" and with the market doing well!
4Hr Chart-
Price had made a Low after the steep decline from the High giving me an opportunity to find a Fib'd Entry Zone and Price had tested it already at the end of last week. To start this week, price as began to work down validating my Bearish Bias on this pair!
Fundamentally this week:
AUD - GDP (Tue)
JPY - Tokyo Core CPI & BOJ Ueda Speaks (Mon)
*Currently in Active Trade
Comment:
Was Stopped Out @ 98.11 but Re-Entered after Price declined
Trade active:
Sell Entry @ 97.98
SL @ 98.11
TP @ 97.36
SL @ 98.11
TP @ 97.36
Comment:
Stopped out again at the Second Peak attempt to break above the Fib'd Zone.
Took Third re-entry
Took Third re-entry
Trade active:
Sell Entry @ 98.05
SL @ 98.26
SL @ 98.26
Comment:
Sunday gave us a BEAUTIFUL Break of the Low @ 97.349!
Price has now created a LOWER LOW @ 96.896!
NOW, I'm watching for the LOWER HIGH which I'm looking to possibly happen around the ( 97.47 - 97.30 ) Range!
*IF price holds at this level, the Fib'd Zone would be a excellent Sell Entry.
*IF price breaks this level, SENTIMENT is changing and will look to close current position!
Price has now created a LOWER LOW @ 96.896!
NOW, I'm watching for the LOWER HIGH which I'm looking to possibly happen around the ( 97.47 - 97.30 ) Range!
*IF price holds at this level, the Fib'd Zone would be a excellent Sell Entry.
*IF price breaks this level, SENTIMENT is changing and will look to close current position!
