AUDJPY - Great R/R Trade Idea!
Updated
AUDJPY Technical view:
Pattern: Descending wedge
Support: 80.185, 80.005, 79.815, 79.605
Resistance: 80.520, 80.660, 80.845
Bearish Confirmation Below: 80.185
How to approach the trade idea:
- Follow your trade plan
- Add an order where you think a confirmed break below would be
- Checking the sentiment of the market for further conviction
- Wait for break out, and trade the pull back
Fundamentals:
ECB : I don't think there will be any significant movement within ECB meeting there are few areas I will be keeping an eye if mentioned:
- Biden ( inflation factors)
- Political stance in Italy
- Extension of lockdowns
- Vaccination
- Exchange Rate of EUR
Jobless Claims: Wall street Vs Main street.
I've had few people message in past weeks and days questions along lines of: How do you keep going even when the trade is against you? & How did you not quit?
My answer: Be humble enough to let your ego go within trading, that's what a stoploss is there for, journal your trades to know what went wrong follow your own trade plan you don't always need multiple amount of indicators, stay disciplined to become the trader you want to become. It's not an over night success - I like the quote: First they ignore you, then they laugh at you, then they fight you, then you win. The reality is - The market owes you nothing at all, and the best set up are those you have the patience with rather than rushing into. Surround yourself with community (Network) around you not social media community but a professional community, that most likely will cost.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
Pattern: Descending wedge
Support: 80.185, 80.005, 79.815, 79.605
Resistance: 80.520, 80.660, 80.845
Bearish Confirmation Below: 80.185
How to approach the trade idea:
- Follow your trade plan
- Add an order where you think a confirmed break below would be
- Checking the sentiment of the market for further conviction
- Wait for break out, and trade the pull back
Fundamentals:
ECB : I don't think there will be any significant movement within ECB meeting there are few areas I will be keeping an eye if mentioned:
- Biden ( inflation factors)
- Political stance in Italy
- Extension of lockdowns
- Vaccination
- Exchange Rate of EUR
Jobless Claims: Wall street Vs Main street.
I've had few people message in past weeks and days questions along lines of: How do you keep going even when the trade is against you? & How did you not quit?
My answer: Be humble enough to let your ego go within trading, that's what a stoploss is there for, journal your trades to know what went wrong follow your own trade plan you don't always need multiple amount of indicators, stay disciplined to become the trader you want to become. It's not an over night success - I like the quote: First they ignore you, then they laugh at you, then they fight you, then you win. The reality is - The market owes you nothing at all, and the best set up are those you have the patience with rather than rushing into. Surround yourself with community (Network) around you not social media community but a professional community, that most likely will cost.
All the best,
Trade Journal
(Just a trade idea, not a recommendation)
Trade active
Short: Took 60% off - letting the rest remain.Trade closed: target reached
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