MisterTrader
Short

Level To Watch: #AUDJPY Short on Upward Trendline

FX:AUDJPY   Australian Dollar / Japanese Yen
238 2 5
Upward trend line and RSI divergence on a major pivot level acting as strong resistance to the price makes an interesting area for a SHORT.
Price can still find some momentum by reaching SMA200 level and test again 93.893.
I'm waiting to see what price will react this week on this level before get into action.

Cheers,
MT
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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN             , major S/R, Div             , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses

Wish you great success !
been in this trade since friday.
Reply
MisterTrader dylanfahey
it may be too early, price can retest resistance. Will see..
Reply
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