building our AUDJPY Position
Updated
This is a swing trade of a few weeks to months. With our fundamental view we are looking for entry opportunities preferably pullbacks for better risk reward opportunities.
1st entry: 87.530
Stop loss: 88.700
1st target: 82.300 area (1:4.5 risk:reward)
2nd target: 75.000-75.500 area (1:10.5 risk:reward)
If stop loss is taken out, then we will look for top of the channel for entry opportunities. We will also be adding to our position as the trade starts going our direction and use each pullback opportunities to add to our position.
1st entry: 87.530
Stop loss: 88.700
1st target: 82.300 area (1:4.5 risk:reward)
2nd target: 75.000-75.500 area (1:10.5 risk:reward)
If stop loss is taken out, then we will look for top of the channel for entry opportunities. We will also be adding to our position as the trade starts going our direction and use each pullback opportunities to add to our position.
Note
First target with a 1:4.5 risk/reward was hit. and we might have some consolidation and other opportunities to enter to reach our final target of 1:10 risk/reward. Target 2 might take longer to reach. These are not day trades but swing trades top down trades that might take few days to weeks or months to play out.
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