sarfus1
Short

Potential nice trade in AUDJPY 4 hour chart

OANDA:AUDJPY   Australian Dollar / Japanese Yen
The currency pair has been in a downward descending channel since March 18 and is approaching the top level of the channel again. It is also approaching level with lots of resistance and support and could potentially line up nicely with 50% fib level or even test the 61% fib level before turning down again. Waiting for an entry on the 1 hour chart.
A breakout of the channel to the upper side would suggest a bull trap or an invalidation of the trading idea.
Order cancelled: 12 pips from my entry signal and the pair is already falling so not a valid entry for me although it is in the correct direction. Will look for new entry.
Order cancelled: would have been an awesome trade but you gotta obey your trading plan. Still frustrating......
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