AUDJPY - Looking Toppish! BIG Drop Inbound!
All JPY pairs look like they're at the very top of their patterns.
AUDJPY is currently confined within a parallel channel and we're at the very top of the pattern.
We are now looking for any reversal signs on lower timeframe to indicate that the top is in. There's a number of ways this can be done.
1. Trendline Break
Watch for price to break a trendline that price has been respecting
2. BOS
Watch for price to break a significant swing point
3. Moving Average break
Watch for price to break a moving average that has been respected well
Any of these could be the first signs that the reversal is taking place. If we get more than 1 signals, it will give us even greater confidence that the reversal is taking place.
These methods can be applied to any timeframe.
For the higher timeframe, the break of red trendline shown in the chart can be used as an indication that the reversal is taking place.
What do you guys think?
Goodluck and as always, trade safe!
AUDJPY is currently confined within a parallel channel and we're at the very top of the pattern.
We are now looking for any reversal signs on lower timeframe to indicate that the top is in. There's a number of ways this can be done.
1. Trendline Break
Watch for price to break a trendline that price has been respecting
2. BOS
Watch for price to break a significant swing point
3. Moving Average break
Watch for price to break a moving average that has been respected well
Any of these could be the first signs that the reversal is taking place. If we get more than 1 signals, it will give us even greater confidence that the reversal is taking place.
These methods can be applied to any timeframe.
For the higher timeframe, the break of red trendline shown in the chart can be used as an indication that the reversal is taking place.
What do you guys think?
Goodluck and as always, trade safe!
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