AUDJPY - Bearish Engulfing
Updated
AUDJPY has formed a significant bearish engulfing on the daily time frame. This short setup is confirmed by a very strong Bollinger Band outbreak, a significant bearish engulfing at a support level, an RSI divergence, and a bearish confirmation candle.
Trade active
I have entered at the open of the 9/22 candle.Note
Waiting for a close below the middle Bollinger Band (20 SMA) to confirm further downside. Note
Price pulled back and is forming another bearish engulfing on the daily time frame. Trend line also appears to be broken. Bearish engulfing on weekly time frame closed closed as well. It appears this weeks close will form a bearish confirmation candle.Current Daily POV:
Trade closed: target reached
+318 pips profit.Still dropping very quickly. Another bearish engulfing pattern has formed. The trend-line and resistance level was broken. It appears price will reach the 81.8 support level in the coming weeks.
Note
Price is still dropping very nicely.Note
After hitting TP, Price has corrected and is now setting up for another short entry which will be the beginning of impulse wave 5 to the downside.Price is currently breaking out of the upper Bollinger Band which means that the shorter term up-trend is over-extended and is getting ready to reverse.
If I see a significant bearish engulfing pattern form in the next few days I will enter short again on this pair.
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