I bought a small position on AUDJPY. Why? The price hit major support level. The risk reward ratio is good. Tomorrow Japan is going to publish some important data e.g. Trade Balance, Imports/Exports and Foreign Investments. You can wait for conformation. But I think from a technical point it is OK to go long. Entry: 92.800 TP1: 94.00 TP2: 95.65 SL: 90.7
price is pulling back into nice structure level which would be a good opportunity to get long. Buyers are clearly defending this level as they dont want price to drop into the area where Canada cut interest rates. I.ll be watching for a buy signal at this level eg bullish hammer or engulfling pattern. My long term target is still at 1.30 but i.ll be targeting...
GBPJPY found support at the 178.0 level. If you zoom out to weekly chart you would see a huge upward trend channel started back in 2012. It's a good opportunity that the trend holds and we see a upward move. From the fundamental point both National Banks BoE and BoJ are holding their interest rates at a record low. TP1 185 TP2 189.4 SL 177
Here we have a bull cypher pattern presenting itself.. Those interested, enter long at buy zone at your own discretion and using your own methods of confirmation.. Others may prefer to enter agressively at limit, just make sure you manage your risk accordingly. I chose 2 targets of my preference, moving SL to BE after locking profits at 1st target might be a good...
UPDATE: We saw really bad data from eu and germany (ZEW Economic Sentiment ) today. I took a small profit & will postpone my long position. I aspect a downturn to 86-85 region. The german DAX is in a decending trend channel. Actually we saw some soft and bad data (Sanctions against Russia, PMI and Ifo) coming from the EU and Germany witch lead the DAX to 87XX...
Some days ago I published a similar idea () which still looking good picking up more significat "pivot points".