Stalking AUDJPY for a SELL
HTFs - originally was looking at an HTF bullish reversal but price is very corrective and looks to be forming a clear ascending channel signalling a downside move |
LTFs - clear ascending wedge approaching 3 touch pattern completion. Nice middle section, price now forming an ascending channel within an ascending channel that has correctively broken the high catching traders on the wrong side |
ENTRY - one of my favourite pairs that I haven't traded for a while. If there is clear ascending nature at the top of outer structure I'll be looking for a risk entry. Otherwise will wait for the market to signal a reversal and wait for the flag. Possibly 2 entries. If none of these scenarios set up, no trade.
LTFs - clear ascending wedge approaching 3 touch pattern completion. Nice middle section, price now forming an ascending channel within an ascending channel that has correctively broken the high catching traders on the wrong side |
ENTRY - one of my favourite pairs that I haven't traded for a while. If there is clear ascending nature at the top of outer structure I'll be looking for a risk entry. Otherwise will wait for the market to signal a reversal and wait for the flag. Possibly 2 entries. If none of these scenarios set up, no trade.
Comment:
Seeing a tight ascending channel on the 1H squeezing price above the high indicating that price may not reach out structure and could drop early. Looking out for a flag to enter to the downside