Multiple timeframe agreement to short AUDJPY
Updated
The AUDJPY appears to offer some good value for money to the short side.
The daily and H4 have been posting lower highs and lower lows. It's just above the mean of it's standard deviation channel for the most recent move.
Using the lower timeframes to time entry, the price has moved away from recent resistance and move passed previous higher lows. This gives the potential of least a move to at least the mean of the standard deviation channel of the higher timeframes. With a stoploss above the previous lower high, this would give about a 1:1 reward for an initial exit.
The daily and H4 have been posting lower highs and lower lows. It's just above the mean of it's standard deviation channel for the most recent move.
Using the lower timeframes to time entry, the price has moved away from recent resistance and move passed previous higher lows. This gives the potential of least a move to at least the mean of the standard deviation channel of the higher timeframes. With a stoploss above the previous lower high, this would give about a 1:1 reward for an initial exit.
Trade closed: target reached
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