PriceActionTrading
Long

AUDJPY LOW RISK HIGH REWARD COUNTER TREND TRADE

FX:AUDJPY   Australian Dollar/Japanese Yen
353 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.
AND OF COURSE. NOTHING IS CERTAIN IN FOREX. BUT THIS TRADE HAS HUGE POTENTIAL AND LOW RISK. A BARGAIN TRADE AS I WOULD CALL IT.
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IvanLabrie TOP PriceActionTrading
2 years ago
snapshot
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Should work 100%.
+1 Reply
PriceActionTrading IvanLabrie
2 years ago
Once again, sorry i do not understand your charting. I am not familiar with those lines as i do not use it.
But 100% wow, deserve another upvote mate.
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IvanLabrie TOP PriceActionTrading
2 years ago
Horizontal s/r based on time at mode (Tim West's technique I learned from him).
Time and price targets are obtained using that technique, and if not reached in time or reached too fast, they might suggest a reversal or correction.
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In case my stop loss description is not clear. This trade has no stop loss, the only way i exit from this trade is if H4 closes below 90.37 for two bars consecutively.
PRICE MAY SPIKE DOWNWARDS AND TRIGGER YOUR STOP (IF YOU HAVE ANY) BEFORE GOING BACK UP. Thus, i will not recommend using stop for this trade unless you are going to sleep and this trade is going nowhere anytime soon.
+1 Reply
Well would you look at that.
snapshot

Price is already at 3 times my risk. I am aiming for the marked area 5-6 times risk. Price have a higher chance of reversing back down instead of breaking higher at that marked area so please keep your target in check. Do not be too greedy.
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IvanLabrie TOP PriceActionTrading
2 years ago
That target would invalidate my long term trend setup, don't think it'll be reached.
I suggest taking profits now.
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CLOSE YOUR TRADE NOW.
snapshot
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PriceActionTrading PriceActionTrading
2 years ago
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.
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IvanLabrie TOP PriceActionTrading
2 years ago
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.
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PriceActionTrading IvanLabrie
2 years ago
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
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IvanLabrie TOP PriceActionTrading
2 years ago
AUDJPY is dangerous, it's not a clear trend like GBPJPY.
It invalidated my bearish outlook and will probably continue ranging sideways.
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PriceActionTrading IvanLabrie
2 years ago
Stopped out from GBPJPY trade. unbelievable.
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IvanLabrie TOP PriceActionTrading
2 years ago
Where was your stop?
Invalidation level for me is over 178.2-178.569.
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PriceActionTrading IvanLabrie
2 years ago
177.9. just above the H4 bar that managed to close above the H4 pin bar.
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IvanLabrie TOP PriceActionTrading
2 years ago
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...
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PriceActionTrading IvanLabrie
2 years ago
You want to hold this for 3 months? I usually hold it for a week or less. My stop is actually the invalidation of that H4 "pin bar", which it already did so i place my stop above the bar after the pin bar. so yea if price went higher than the bar after the pin bar. It is invalidation for me. Didnt expect the USD to take such a big hit yesterday. Guess i will stay out of the market first.
Looking at sell @1.5 GBPUSD now if valid pattern appear
and NZDUSD appears to reach support turned resistance zone.
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IvanLabrie TOP PriceActionTrading
2 years ago
GBP is the weakest currency currently. On a dollar index/gbpusd/crosses basis. Gold might have bottomed already, ahead of the dollar index, and crude looks suspicious as well but the last developments make me think it'll head down fast now.

I intend to cover 75% of the position once I reach my target and scaling in on every swing until then (after moving stops to break even or closing half of each batch).
Snowball effect...I wouldn't approach this one as a short term trade but that's just me.
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PriceActionTrading IvanLabrie
2 years ago
Yes i understand. I try not to hold more than 5 days for any trade. Different time frame traders.
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moneymaking
2 years ago
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
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