Short term weakness expected on this pair (counter trend trade)

FX:AUDJPY   Australian Dollar / Japanese Yen
After breakout of monthly high this pair consolidating first time so short term downside momentum possible at least to test broken monthly high. If that one fails next stronger support can be see at daily trend line 2015/09/29 low and 201510/30 low. Setup invalidates if recent consolidation will be broken.
Comment: I get opposite signal now to long on this pair cant ignore this short order still was not filled because price not give good entry point with low risk high reward
Comment: Again order not taken 3pip miss so need to wait now another opportunity
Comment: So so all is on screenshot today friday a little bit too early to take positions so let's see what next week gives for us
Comment: Ok like always when something not working I look to the charts to see where I make mistake and you know I am strong bearish and this can be not just pullback but reversal let's see how it develops SHORT!!!
Comment: After Friday price action hit 200 days simple moving average and cleared many stops above daily high we see no buyers support to lift prices higher for now. Monday price action clearly shows who was in control all day 1h chart don't have single higher high candle from London open till daily close expecting more down
Trade closed: target reached: all targets hit so no point to continue original idea.
PS long possibility very high !!!
Nice Analysis, how many pips did you won on this trade ?
kind of toppy look
+1 Reply
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