AUD/JPY Ascending Triangle (UPDATE)
Hello All,
I wanted to update on last week's close potential short signal on the AUD/JPY pair.
Last week at close I mentioned that there was a potential short signal on the AUD/JPY pair. I also mentioned that price might spike a little higher before fall.
Though admittedly price did spike a little higher than I anticipated, it was nothing drastic and the short signal is still good. In fact, the AUD/JPY pair has formed an even stronger short signal by printing a bearish Ascending Triangle Pattern (illustrated on chart).
We can also see that now is the prime time to take a short position as price is sitting above an AVL (Agreed Value Line) in a bearish structure which means that price is currently "above value" and thus a good short trade. (illustrated by yellow dotted line below current price and red arrow). Only price movement above that top line of the triangle would invalidate this idea.
This trade is taking a bit longer than I'd like but patience pays...
Updates to come...
Safe trading :)
I wanted to update on last week's close potential short signal on the AUD/JPY pair.
Last week at close I mentioned that there was a potential short signal on the AUD/JPY pair. I also mentioned that price might spike a little higher before fall.
Though admittedly price did spike a little higher than I anticipated, it was nothing drastic and the short signal is still good. In fact, the AUD/JPY pair has formed an even stronger short signal by printing a bearish Ascending Triangle Pattern (illustrated on chart).
We can also see that now is the prime time to take a short position as price is sitting above an AVL (Agreed Value Line) in a bearish structure which means that price is currently "above value" and thus a good short trade. (illustrated by yellow dotted line below current price and red arrow). Only price movement above that top line of the triangle would invalidate this idea.
This trade is taking a bit longer than I'd like but patience pays...
Updates to come...
Safe trading :)
Order cancelled:
trade invalidated, refer to update video
