I expect JPY pairs to correct across the board soon, most of them are very oversold. On this pair RSI is very high even on weekly timeframe, same goes for CAD, EUR, and GBP to JPY. All these pairs are at resistance levels, GBP/JPY is actually surpassing the resistance level as well so that is further reason to see a pullback.
I am not entering shorts personally...
This is another trade that hit TP and I was waiting for a retrace for another chance to enter again. It seems to be breaking higher now without much of a retrace so we can monitor this for if and when it retraces back to this support. Once it turns back and then rebounds a long can be entered with a target of 83.928. SL just below the support area.
Had an excellent trade on this in my previous post, closed at TP 1. Now want to see this retrace to at least 0.382 Fibonacci to re-enter a long position with the target being TP 2 at 83.928.
This has broken above the previous high and is now retracing back to test it as a support. A long can be entered here if we see the rejection. MACD and EMA's are bullish, especially on the daily timeframe. I have set 2 take profit targets, I originally was only looking to reach TP 2 but that could be too ambitious and who knows what can change in the time it would...
It is highly likely we will see a spike above the previous high / resistance level to wick out some sellers before the price gets moved strongly to the downside by the institutions.
- Wick rejections indicate resistance has become support
- High momentum bull candles indicate sell side pressure
- Break and retest of key level
- 1:4 RR
Selling a clip of AUDJPY here at 73.86 ahead of the 73.94 pivot and breakdown area that held on Friday. As long as 74.45 fibbo resistance holds, I remain a seller of the rallies going into the RBA meeting. RSI indicates that the market is overbought and the momentum should start to turn towards the downside.
I will sell a 2nd clip around 74.10 if we get there....
AUDJPY bounces off the lows however there is strong resistance around the 74.10 level. so my strategy remains the same (sell the rally's). I will sell a second clip around the 74.10 mark if we are to get there with a stop around 74.35 for all.
Short 1 @ 73.87
SL: 74.35
TP: 73.13 (fibbo support)
Price is testing a monthly support. The market is currently printing a consolidation pattern. RSI is printing a bullish divergence signal. Breakout is imminent. Possible price actions indicated.
This is an opportunity I missed overnight, this would of been a nice trade to take.
Price created a higher low and a kicked in with some bullish momentum, which would of been the best time to enter a position.
Unlucky but we move onto the next!
Here's a trade that I took yesterday on AUDJPY.
Currently +38 pips in profit and trade is developing nicely.
We have broken below a major key level of support, and currently retesting this level too. We look set to respect this retest and continue moving to the downside.
I will also be setting my stop loss to entry and removing all risk from this trade.
Here is a pair that I am watching closely...
I have outlined three different routes that price could take from here. The main factors that will be deciding the next move from here, are as follows;
LONG
- At the top of a key ranging area, with a lot of BULLISH pressure to move upwards.
- Recent HANGING MAN candlestick could indicate move higher.
- Although a...
