AUD/JPY Long
Market Analysis:
Asset: AUD/JPY
Timeframe: 1-Hour
Bullish Divergence: Observed on the 1-hour RSI, indicating a potential reversal.
Trendline Breakout: Price is testing a downward trendline, hinting at a possible breakout to the upside.
4-Hour Trend: Confirmed bullish trend, providing higher timeframe confluence for the long setup.
Trade Setup:
Entry Point:
Enter a buy position on the breakout and close above the trendline with confirmation.
Stop-Loss:
Place the stop-loss below the recent swing low or key support zone around 97.50.
Take-Profit Levels:
TP1: 98.98 (prior resistance zone).
TP2: 99.55 (further resistance and psychological level).
Risk Management:
Position Size: Use proper risk management, risking no more than 1-2% of your trading capital.
Risk-Reward Ratio: Aim for at least a 1:2 R/R ratio for this setup.
Additional Confirmation:
Volume Analysis: Look for an increase in buying volume during the breakout.
RSI: Ensure RSI remains above 50 to confirm bullish momentum.
Asset: AUD/JPY
Timeframe: 1-Hour
Bullish Divergence: Observed on the 1-hour RSI, indicating a potential reversal.
Trendline Breakout: Price is testing a downward trendline, hinting at a possible breakout to the upside.
4-Hour Trend: Confirmed bullish trend, providing higher timeframe confluence for the long setup.
Trade Setup:
Entry Point:
Enter a buy position on the breakout and close above the trendline with confirmation.
Stop-Loss:
Place the stop-loss below the recent swing low or key support zone around 97.50.
Take-Profit Levels:
TP1: 98.98 (prior resistance zone).
TP2: 99.55 (further resistance and psychological level).
Risk Management:
Position Size: Use proper risk management, risking no more than 1-2% of your trading capital.
Risk-Reward Ratio: Aim for at least a 1:2 R/R ratio for this setup.
Additional Confirmation:
Volume Analysis: Look for an increase in buying volume during the breakout.
RSI: Ensure RSI remains above 50 to confirm bullish momentum.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.