AUD/JPY LONG TERM TRADE
Updated
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- AUD/JPY was traded at the resistance area (red line) since 15 MAY.
- Also, it started ranging into the red and blue lines (8 JUNE- 18 NOV)
- a fake breakout was made above the resistance (red line) before returning into this ranging area.
SO:
-zooming to a 4hrs time frame, we see that the price formed a descending triangle (increase the possibility of my sell setup) and aiming to retest the bottom (blue line).
- to start selling this pair, we need a daily candle close below the green line (below 75.70) or if retested, we need a bearish rejection from this level.
-STOP LOSS above the downtrend. (76.35)
-TAKE PROFIT (73-73.50 area)
NOTE: DON'T RISK MORE THAN 1% OF YOUR ACCOUNT PER TRADE.
- AUD/JPY was traded at the resistance area (red line) since 15 MAY.
- Also, it started ranging into the red and blue lines (8 JUNE- 18 NOV)
- a fake breakout was made above the resistance (red line) before returning into this ranging area.
SO:
-zooming to a 4hrs time frame, we see that the price formed a descending triangle (increase the possibility of my sell setup) and aiming to retest the bottom (blue line).
- to start selling this pair, we need a daily candle close below the green line (below 75.70) or if retested, we need a bearish rejection from this level.
-STOP LOSS above the downtrend. (76.35)
-TAKE PROFIT (73-73.50 area)
NOTE: DON'T RISK MORE THAN 1% OF YOUR ACCOUNT PER TRADE.
Trade closed: stop reached
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