I see a falling wedge with the opportunity for profit from a short position with SL: 1.12717 and TP: 1.11000
Use risk management as if it breaks upper trend line one may want to start thinking about closing the position.
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Here you see a scenario that could possibly play out on audjpy, price has a lot of bearish momentum. will be waiting for a breakout of trendline + support. once this happens I will wait for a retest and for a 30 minute candle to close bearish to give me confirmation to place a short, no indicators just nice clean price action.
I've received a number of signals to go short on USOIL on the daily TL, as the market has crossed the VIDYA baseline, whilst volume has passed the Wadda Explosion line. The baseline has been crossed and closed going short 4 times since the start of May, with no indication of the market reversing to go long. I suspect that the market is going to continue going down.
As you can see above, i have found a wedge pattern forming on the graph which has successfully broken out and even retested the resistance which has turned into a support.
i believe that from my entry the pair is likely to retrace to .99288 and then once again bounce as this seems to be a fairly strong resistance in the past; this would also match the relationship...
Have had my eye on this trade during the weekly, long term I have a long bias and usually I would be looking for buying position. But certain moves in the market have suggested to me that the pair are likely to trade bearish for the next 1-3 weeks and so I will be looking for shorts in the short term to enter with and monitor from the daily chart. Will see how...