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Quarterstheory

USDJPY, Potential BUY STOP, breaking and retesting trendlineWe can see that USDJPY has broke the trendline of resistance in yesterday's session, as The Fed's rate decision rallied the U.S. Dollar. The price action so far in today's session is looking to come back below the trendline. In tomorrow's session I would look for a pin bar, with the wick reaching below the trendline. A bullish engulfing candle unlikely as the low-high of today's candle has a range of 50 pips. Now, if we see price move up to 109.00 we could get hung up there as this is a whole level (quarters level) and we have previously seen 2 taps of resistance. If price action goes bearish here, sells are in place, and we would likely see a doji candle before the market reverses. If we see strong bullish candles past 109.00 I would look for buy entries. In these trades, my risk is around 30 pips, and targets at 75 pips.
by tradetoprofit
AUDJPY Triangle Breakout (WRITTEN IDEA)AUDJPY has been trading in this triangle for the past 8 days. It looks like we are breaking out of the triangle to the upside. I am not looking to trade the retest(this could happen) but this is somewhat riskier. I would recommend lowering your lot size slightly if you want to trade off of the retest. I am looking for strong bullish momentum (I have a buy stop @71.750) with a 25 pips SL and a target in between the next quarters level. Price action is already looking strong to the upside on the 4H, so I would recommend getting into this trade soon if you're going to take it.
by tradetoprofit
AUDUSD time for the bullsAfter about 12 days of serious downside movement we have seen 4 daily candles respecting the 0.6750 support level. 0.6750 is a Major Large Quarter Point. Prices have not traded this low since 2009. Why all the bearish movement? Rate cuts and monetary policy, not just the US cutting rates. Reserve Bank of New Zealand cut rates, which pressures Australia (a big trading partner) to do the same. And as the dollar overall strengthens (look at DXY) AUDUSD falls. So we saw rejection off 0.6750 I am looking for it to make its ascent. Buy in on a pullback (higher low) on the 1H timeframe. Please TIME your trade and look at price action. You don't want to buy before the pullback. I have my targets set at the next whole level 0.6900. Set SL according to your risk. This will be held for at least a week.
Long
by tradetoprofit
1
USDJPY LONG buy in on pullback.I apologize my chart is looking a bit crazy today. So we can see UJ has come to the end of a market at the price 106.84 and we are currently in the 2-3 leg of an elliot wave (the Fib retracements are confirming this). The pullback (the '4' of the elliot wave) is where I will buy in. I'm going to ride the 4-5 wave to the upside. The pullback should happen quickly (next day or so) because of the big price increase in the 0-1 leg (~160 pips). I do not have a buy limit set so I am waiting for daily pullback at about 108.60 near that quater point . The target range in 120 pips. I will have a SL at 40 pips.
Long
by tradetoprofit
AUDUSD Sell Limit at 0.7050 Quarter LevelLooking on the daily chart, AUDUSD is close to approaching the 0.7050 quarter level. In late April and mid May we saw resistance taps at that half level, so I am looking for price action to be bearish on lower time frames near 0.7050 and take a sell from there. Could it go bullish from here? I do not believe so. Looking at the Elliot 5-wave (0-1 leg: 0.6849-0.7033) price is currently in the 2-3 leg. In classical Elliot Wave Theory, the 2-3 leg is the biggest move, which means price would need to move greater than 200 pips without much retracement, this is unlikely. Sell Limit very low risk right at the half level 0.7050. Sell at market with medium light risk once bearish price action is seen in lower timeframes. I will have a 20 pip SL and a 50 pip TP
Short
by tradetoprofit
1