I have a marked area of interest that I will be looking to buy from to my upside target. If we manage to see rejections from this region, I will consider a buy position.
COT Data - 76% Short
IG Client Sentiment - 68% Short
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.
I've taken a SHORT position on AUDJPY - here are the reasons why;
1) After a failed trade this week, price has clearly broke trend and then respected the retest, putting confidence on my BEARISH bias.
2) Chart is forming a possible head and shoulders pattern, it's looking like we are currently forming the right shoulder, which indicates a move to the...
This pair really struggled to gain bearish momentum after aggressively breaking out of the significant ascending trendline. I expect the price to pull back into the previous structure before climbing up into the level marked.
69% are short according to COT Data Source
Price has now broken out of the respected ascending trendline and reached our first level of interest, we now expect to see price continuing to the downside. If you are patient, you may see a pullback into the marked structure, this may be a great opportunity to get involved in a sell position.
64% are net short according to the IG Client Sentiment
If we manage to see a break of this mini support marked blue, we will be looking for further confirmations to get involved in a long term sell position. We have marked the areas of interest and levels that we will be taking partial profits at if the set-up comes to light. The overall bias of the AUD is bullish, so we must treat this pair as bullish until the...
Currently hitting a key resistance point that has held multiple times since December i am looking for price action to confirm below the zone and even the small trend line to show clear breakage of the wedge. So far that key resistance level seems to be holding to validate the short but with the wedge a bullish push could see it creating new higher highs.
On the chart we see price has broken the trendline and hit its key support level where it was rejected - It is a key level as we can see multiple rejections on the chart if you look further back
It then retraced to the trendline and was rejected again
Once price has broken support we can look for sell entries to the target shown on the chart
AUDJPY - See a pennant structure forming here. Will be waiting for a breakout of this pattern before entering a position. Currently near a strong hourly, and 4 hourly resistance level as well, so if we break upside, and break above the resistance we can look to add more positions.
If we take a look at the chart previously once price broke support it made a rising wedge pattern and then fell through the floor.. I could be reaching BUT i see the same thing happening.
Looking to short to support, waiting for confirmation of a breakout