PriceActionTrading
Long

AUDJPY LOW RISK HIGH REWARD COUNTER TREND TRADE

FX:AUDJPY   Australian Dollar / Japanese Yen
356 21 6
ASCENDING CHANNEL . D1 PRICE REJECTED FROM 91.00 AND FLOOR OF CHANNEL YESTERDAY, FORMING A NICE PIN BAR (ALTHOUGH BEARISH BLACK IN NATURE BUT STILL A PIN BAR THAT CLOSED ABOVE ITS 50%).

SIMPLE TRADE.
BUY NOW
EXIT TRADE IF H4 CLOSES BELOW 90.37 FOR 2 BARS CONSECUTIVELY, (1 BAR IS FINE 2 IS ABSOLUTELY NOT)
RISK REWARD CAN BE ANYWHERE BETWEEN 2 TO 5 (MID OF RANGE) TO 10+ (TOP OF RANGE FOR GREEDY TRADER)

THIS TRADE IS ENTER NOW AT MARKET. NO CONFIRMATION IS REQUIRED AS EURJPY             NZDJPY             GBPJPY             HAS ALREADY JUMPED YESTERDAY.
SO, MY BASIS FOR ENTERING THIS TRADE IS ALSO DUE TO CORRELATION REASON. WHICH I HEAVILY RELY ON.
THIS TRADE IS REALLY GOOD AS THE STOP LOSS PIPS IS ONLY AROUND 30 TO 50 PIPS. WHILE REWARD CAN BE ADJUSTED ACCORDING TO YOUR HUNGER.
RSI NOT IMPORTANT. JUST A VITAL PART IN MY CHARTING THATS ALL. LAZY TO REMOVE.
Really wanted to be in this trade but I was already in my maximum number of trades range. Thanks for sharing price action !!
+1 Reply
CLOSE YOUR TRADE NOW.
snapshot
Reply
PriceActionTrading PriceActionTrading
But of course, one could stay in and be greedy and hope for price to hit above the D1 50SMA and 20SMA and hopefully the top of the channel.
But i am not that kind of guy. I closed at 3.5X risk.
Currently looking at SELL GBPJPY with favourable price action. See my idea for details.
Reply
IvanLabrie PRO PriceActionTrading
Short gbpjpy is a perfect setup, seems like audjpy couldn't complete a strong swing down like gbpjpy did...gold strength ruined this short.
It's weaving a triangle.
Reply
Yes. GBPJPY short is perfect.
One could also say AUDJPY is ready to be shorted now. With the 50SMA and 20SMA.
But i am not going to do it, not after aggressively buying it.
Thus there will not be a AUDJPY short idea just yet.

snapshot
Reply
IvanLabrie PRO PriceActionTrading
AUDJPY is dangerous, it's not a clear trend like GBPJPY.
It invalidated my bearish outlook and will probably continue ranging sideways.
Reply
Stopped out from GBPJPY trade. unbelievable.
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IvanLabrie PRO PriceActionTrading
Where was your stop?
Invalidation level for me is over 178.2-178.569.
Reply
177.9. just above the H4 bar that managed to close above the H4 pin bar.
Reply
IvanLabrie PRO PriceActionTrading
That's risky...one bar to define the stop.
This is part of a large move. I prefer to use the larger timeframe structure.
But to each their own.
I want to hold this for up to 3 months...
Reply
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