AUDJPY - potential SHORT trade with 2 potential targets
Higher timeframe trend = down
Retail traders = long
JPY = Strong, AUD = Weak
Therefore bias = down
NOTE : Not in yet - Entry order set below the structure that is forming currently.
A decent level of structure was broken to the left (marked with red horizontal ray) so I believe more downside is incoming (potentially all the way to the white horizontal ray which marks lows created back in August 24)
Target is a distance above to low that was created in August 24 (marked with white dotted horizontal ray) - these lows might be a decent 2nd target for anyone who trades extended targets. I personally do not.
Stops where my personal backtesting has suggested they be placed to invalidate the trade. If price gets to stops before triggering in, entry order is cancelled.
Please keep in mind that there is another layer of analysis that goes into this that is part of my personal plan.
Retail traders = long
JPY = Strong, AUD = Weak
Therefore bias = down
NOTE : Not in yet - Entry order set below the structure that is forming currently.
A decent level of structure was broken to the left (marked with red horizontal ray) so I believe more downside is incoming (potentially all the way to the white horizontal ray which marks lows created back in August 24)
Target is a distance above to low that was created in August 24 (marked with white dotted horizontal ray) - these lows might be a decent 2nd target for anyone who trades extended targets. I personally do not.
Stops where my personal backtesting has suggested they be placed to invalidate the trade. If price gets to stops before triggering in, entry order is cancelled.
Please keep in mind that there is another layer of analysis that goes into this that is part of my personal plan.
Trade active
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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.