We've reached the structure high of the ascending channel (as mentioned in the previous post) and have correctively broken it on the 15min timeframe (with a rising wedge). We've now broken back into the channel but since it's the daily close, we're going to wait until the spreads calm down (which usually takes an hour or so after the daily close). I'll be entering...
Large rising wedge on the daily TF. Expecting one last push to the resisting trendline from positive trade war news but then expecting a large drop similar to the flash crash come end of this month so get ready
correction found at the bottom end of channel structure, looking likely to break and continue further down. Only targeting a short range as we are expecting more corrections to form along the way which we can jump on at a later date.
Nice and simple trade this. Price action has made a double top with a bearish engulfing candle. I'm expecting it to reverse from here and come down to my tp zone at least.
Let me know your thoughts.
Trade safe and good luck.
Possible shorting opportunity the break of the wedge..
I am already short from somewhere near the top..
if there is a break of the wedge then i may open another position with a tighter stop loss
AUD seems real weak right now and YEN is booming.. at least up until the rate decision ON THE 31ST OCTOBER!!!
any questions feel free to ask
AUDJPY has been travelling inside of a descending channel. Price reached a major support zone , started making its way up and even broke out of the channel to the upside until it dropped back into the channel causing a fakeout, broke below the support zone. Now we are just waiting for this newly made resistance zone to be retested before price drops to the very...
AUDJPY is travelling in a descending channel, Price hit the top and price plummeted down and even broke a major support zone marked out with a pinnk rectangle,
We are expecting price to come back up to retest this zone before dropping down to touch the bottom of the channel, our first minor target is the -0.27 extension level as we are expecting price to retest...
Price of AUDJPY opened with an extremely large gap downwards.While it did it broke below the major support zone, it has started making its way up and we expect price to go up and test the descending trendline at the 0.500 - 0.618 retracement level before dropping down to the -0.27 extension level