AUD/JPY has been in a downtrend on the 4H chart for the last 3 weeks, the down channel being a corrective structure of a bigger uptrend. Now we are looking on the price breaking out of the channel, suggesting a changing in forces on the market towards bulls side.
Long positions will be initiated if the price re-tests the downtrend channel or broken support...
After the sharp move down, we see a rising wedge forming on H1/H4 charts. This type of wedge is usually a corrective structure, before continuation of the move (in this case a move down). Short positions could be initiated if the price breaks the bottom trend line (a good idea might be waiting for a confirmation of the break, by testing the broken trend line)....
GBPUSD is currently moving sideways, following a recent downtrend. In this sideways market we potentially have a Gartley pattern 1.44392. which completes in an area of resistance. We could complete an AB=CD harmonic move in this area.
Target 1: 1.47212
Target 2: 1.41713
For me this trade presents a good risk to reward ratio.
Just a short trade review which should emphasize the absolute necessity of your trading plan!
Just FOLLOW YOUR PLAN!
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Reasons for
-Firstly as we can clearly see we are in a Triangle formation
-We have had multiple bounces from the Bottom trend line which is now acting as Support
-The previous Four hour candle was a doji on the trend line
-Now this 4 hour candle stick is forming a nice big bullish candle which signifies Bullish momentum from Trend line acting as Support
-We...
