Long AUDJPY - Wanting to catch the pull-back. OZ going UP. A lot

FX:AUDJPY   Australian Dollar / Japanese Yen
the aussie has shot up against all currencies and has produced an incomplete sequence suggesting that significantly higher prices are likely. To take a trade we need to see a significant pullback against the trend, this AUDJPY would appear to offer the best prospects, the recent rise was impulsive and looks potentially over extended. I would like the pullback to get beyond the 50% mark the area shown by the blue box. I will be hoping to see the pullback extend in three waves enabling more precise entry and stop loss figures to be generated but so far this week price action has been choppy negating many of the set ups before they are taken.

Not a lot of my wave trades have been triggerd however I'm going for high percentage win rate and a good return on investment, it is human nature to want to trade more especially when we identify possibilities however it is important to overcome this tendency to become a long term profitable trader.


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