AUDJPY Timeframe agreement & Price Action for shorts
Trade idea based solely on timeframe agreement and price action.
Summary:
* daily chart has shown a reversal candle interact which has interacted with a reasonably strong area of resistance
* 4hr chart shows same resistance, but with more contact points
* 1hr chart has broken previous upward price structure and started to show signs of lower lows and lower highs. This helps corroborate that the price could move lower.
* stoploss above yesterday's high
* take profits of around 1:1 to 2:1, reward-to-risk
Summary:
* daily chart has shown a reversal candle interact which has interacted with a reasonably strong area of resistance
* 4hr chart shows same resistance, but with more contact points
* 1hr chart has broken previous upward price structure and started to show signs of lower lows and lower highs. This helps corroborate that the price could move lower.
* stoploss above yesterday's high
* take profits of around 1:1 to 2:1, reward-to-risk
Trade closed: target reached:
Exited profit at 1:1 reward to risk.
Slight impact on profitability due to triple swaps, but the idea played out effectively.
Slight impact on profitability due to triple swaps, but the idea played out effectively.