Audjpy-short
AUD/JPY - Bearish Engulfing Candle On Strong Trend LineStrong Beairsh engulfing candle breaking past 4hr chart phase line on AUD/JPY. Add to that this happening on both strong resistance and long term bearish trend line, it's a match made in heaven.
- Bearish Engulfing Candle 4hr
- Rebound of long term bearish trendline
- On strong resistance at 86.500
- Lots of room for good RR
audjpy shortI'm bearing on the AUD/JAP based on the double top that formed on the daily chart. The recent spinning was followed by a weak candle which leads me to believe its going south. Stop lost is placed just above double tops peaks. Target 1, 2,and 3 are place on graph. Target 3 was chosen based on consolidation that was shown previously around the 81.00, also it a psychological level.
First post, hope it goes well..
Trade wit care fellas
- Trinidad
AJ retracement to fibonacci levels 0.23 & 0.38as the 4hr candle closed with a shooting star, also considering that the pair has been advancing the whole week, i would welcome a little bit of a retracement to previous structure levels - these levels also collide with fibonacci levels 0.23 and 0.38. Cheers
AUD/JPY SHORTWith the BoJ keeping their QQE program on hold and safe haven flows through the JPY at the moment due to the global unrest caused by China I would expect to see the JPY continue to strengthen. The AUD being hit by weak Oil and a poor retail sales figure we should see further downside in this currency pair. Trade like a pro boafx.com
potential short on AJ coming up on daily?see chart for details - in a nut shell:
- ranging in a rising wedge, that is
- about to hit previous support, now resistance, that
- confluences with 0.5 retracement level of previous swing low, all while
- RSI and STOCHS are (close to) being oversold and topping out...
stops above previous 2nd resistance level
targets indicated -
T1: clone of the wedge base depth
T2: previous support
FALSE BREAKSo, the first day of december began with a false break above a considerably important price.
A week later it corrected itself in light of a market dominated by the bears.
We proceed on the assumption (assuming is inherent in forecasting) that this bear trend is still intact unless structure says otherwise. By that I mean if '3' is breached. 5 will be considered a pivotal point in trend-continuation only if new structure lows are established (break below close below 4). With that being said, at this particular time and price, there is no reason price can't retrace higher (between 3 and 4). However, as I've said, since the false break out occurred it wouldn't be wrong to assume that this market is still significantly bearish. Whether 5 is a true retrace or not doesn't matter, because that we will not know until either price makes new structure lows or retraces deeper.
I am taking sides with the bears long-term. There are plenty options since between 3 and 4 there are 1000+ pips. so by all means I will counter the trend if a solid opportunity presents.
Oh and one more thing. This work is not based on elliot wave theory or any other THEORY for that matter. So take it with a pinch of salt. TRADE WHAT 'YOU' SEE! :)
Thanks for reading.
Reasons i went SHORT on the AUDJPYHere on the AUDJPY i have explained a few reasons why i am short this pair from the .786 retracement after the break and close below previous swing low. the rally that has followed in my opinion gives me a great opportunity to short with a small stop loss and good potential profits. If you are interested in seeing the way that i analyze the market and how i come up with trades like the .786 retracement strategy that i used to enter this trade then check out the video in the link below and my channel for more great FREE trading education and dont forget to follow me here on trading view!
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AUDJPY 4HR GARTLEY or BAT?I don't know where we are going with this. If we go up a Gartley will complete around 93.84. T1 @ 0.382 and T2 @ 0.618. If we go down a BAT will complete around 90.72. T1 @ 0.382 and T2 @ 0.618. Perhaps the SL on the BAT should be lower as a result of point A of the possible Gartley. And of course it is possible that first the Bat and the Gartley will complete.
Sell opportunityIf you missed the first train southbound as I wrote some days ago, maybe you can get a second chance; price has been rejected exactly at 93.00 so we might see a further weakness in the coming days. Drilling on a lower time frame respect to my former analysis, we can see how the pair is consolidating in a lateral congestion and we can easily identify a resistance area around 92.350/92.400. Look to sell if prices approach that level and if you are lucky you can reach an extended target towards 91.300!
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