Sell below 85.06. Stop loss at 05.25. Take profit at 84.38.
Reason for the trading strategy (technically):
Price is approaching major resistance at 85.06 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction from this level for a drop to at least 84.38 support (Fibonacci retracement, horizontal overlap support).
Confluence of 1) horizontal support 2) 33.2 fib acting as resistance at 83.750 and nice daily bearish candle building up
Good risk reward. Short at 83.55 giving it 30pips
A close above 83.75 indicates going higher possibly 84.50 where there is a confluence of horizontal resistance and 50.0 fib.
here on AUDJPY we're sitting on a very important structure level that i think could stop price from getting higher and also provide some nice selling opportunities. In fact, i'm already decided to short it since price action showed us some weaknesses on both 1hr and 4hr chart. Stops would go above the highs, target1 at 1:1 RR at least, target2 to be...
i don't usually trade in these lower timeframe, but this time i think it could be a nice level to short. The blue line represents a previous level of structure, and price has created new lows breaking through that level. So i'm thinking it could turn into resistance and hold the price's rally.
Stops above X, targets as usual for harmonic patterns.
another chance to get involved in this pair today. It comes from an harmonic pattern that's completing right now. It is called Bat pattern and it implies a limit order set at the D point. Stops above X, target with .382 and .618 retracements of AD leg.
Let's see if we get filled.
If you have any question, feel free to ask beneath.
Otherwise, see you in...
just wanted to show you how top down analysis can create day trading opportunities. I fully explained in my previous idea (attached beneath) why i'm expecting price to reach 85,50 level (reversal zone) so i can go with the trend assuming it will stop there.
Here we have a simple pattern formation that usually occurs in trending markets, formed by an...