Support & Resistance Play on AUDJPY LONG
Currency Pair: AUDJPY
Trade Type: Long (Buy)
ENTRY 1
Entry Price: 93.957 or Current Market Price (CMP)
Take Profit 1: 94.586
Take Profit 2: 95.357
Stop Level: 92.810
Risk-to-Reward Ratio (RRR): 1:1
Risk per Trade: 0.75% of the trading account
ENTRY 2
Entry Price: 93.383
Take Profit 1: 94.586
Take Profit 2: 95.357
Stop Level: 92.810
Risk-to-Reward Ratio (RRR): 1:3.43
Risk per Trade: 0.50% of the trading account
Trade Rationale:
The trade idea is to go long (buy) on AUDJPY. Both entry points provide opportunities to capitalize on potential upward movements in the currency pair.
Entry 1 Rationale:
The first entry point is set at 94.080 or at the current market price (CMP). The take profit levels are placed at 94.586 and 95.357, respectively. The stop level is set at 92.810. The Risk-to-Reward Ratio (RRR) for this entry is 1:1, meaning the potential profit target is equal to the risk taken on this trade. The risk for this trade is 0.75% of the trading account.
Entry 2 Rationale:
The second entry point is set at 93.383. The take profit levels remain the same as Entry 1, at 94.586 and 95.357, while the stop level remains at 92.810. The Risk-to-Reward Ratio (RRR) for this entry is 1:3.43, indicating a higher potential reward relative to the risk taken. The risk for this trade is 0.50% of the trading account.
Overall Trade Analysis:
Both entry points offer opportunities for potential profits in the AUDJPY currency pair. Entry 1 presents a balanced risk-reward scenario with a 1:1 RRR, while Entry 2 offers a more favorable RRR of 1:3.43, suggesting a higher potential return on investment relative to the risk.
Risk Management:
Risk management is essential in trading, and the trader has specified the risk percentage for each trade (0.75% for Entry 1 and 0.50% for Entry 2). This approach helps protect the trading account from substantial losses in case the market moves against the trade.
Trade Type: Long (Buy)
ENTRY 1
Entry Price: 93.957 or Current Market Price (CMP)
Take Profit 1: 94.586
Take Profit 2: 95.357
Stop Level: 92.810
Risk-to-Reward Ratio (RRR): 1:1
Risk per Trade: 0.75% of the trading account
ENTRY 2
Entry Price: 93.383
Take Profit 1: 94.586
Take Profit 2: 95.357
Stop Level: 92.810
Risk-to-Reward Ratio (RRR): 1:3.43
Risk per Trade: 0.50% of the trading account
Trade Rationale:
The trade idea is to go long (buy) on AUDJPY. Both entry points provide opportunities to capitalize on potential upward movements in the currency pair.
Entry 1 Rationale:
The first entry point is set at 94.080 or at the current market price (CMP). The take profit levels are placed at 94.586 and 95.357, respectively. The stop level is set at 92.810. The Risk-to-Reward Ratio (RRR) for this entry is 1:1, meaning the potential profit target is equal to the risk taken on this trade. The risk for this trade is 0.75% of the trading account.
Entry 2 Rationale:
The second entry point is set at 93.383. The take profit levels remain the same as Entry 1, at 94.586 and 95.357, while the stop level remains at 92.810. The Risk-to-Reward Ratio (RRR) for this entry is 1:3.43, indicating a higher potential reward relative to the risk taken. The risk for this trade is 0.50% of the trading account.
Overall Trade Analysis:
Both entry points offer opportunities for potential profits in the AUDJPY currency pair. Entry 1 presents a balanced risk-reward scenario with a 1:1 RRR, while Entry 2 offers a more favorable RRR of 1:3.43, suggesting a higher potential return on investment relative to the risk.
Risk Management:
Risk management is essential in trading, and the trader has specified the risk percentage for each trade (0.75% for Entry 1 and 0.50% for Entry 2). This approach helps protect the trading account from substantial losses in case the market moves against the trade.