AUDJPY: Short at linear regression channel top
Downtrend continuation confirmed, bearish flag breakout is in effect.
Relative strength tells me it's the perfect time to enter short with a tight stop.
Two possible entries, one under the low, and one at a possible retracement.
1.25% risk each, good luck!
Relative strength tells me it's the perfect time to enter short with a tight stop.
Two possible entries, one under the low, and one at a possible retracement.
1.25% risk each, good luck!
Nice move today in GBPJPY though, seemed bullish for the most part which was frustrating but eventually gave way. But I think this decline will be short lived. Expecting some kind of Yen weakness sooner or later, something to be careful about.
Relative strength tells me it'll get stronger than even usd soon. I'll follow this path until proven wrong. That's how I normally do it. Same with euro, was a strong run. I got out last night, might have jumped the gun, but well. I'll continue to sell rallies.
My rules make me pick that level, always, part of the strategy. No problem, if I know price will move fast, I leave a sell stop under the recent low and use the same stop as I would for the retracement fill.
Works very well if I'm sure about getting involved in a trend.
excepting good trend
I'll wait to re-enter, I still think this pair is headed down.
The way the weekly bar closes will tell us what we need to know...that we already suspect.
I could re enter now, seems like the day will close like a pin bar.
So, bigger players operate during the US/Euro overlap.
yes, the strength in AUD is due to MACD bullish divergence in black
though not confirm yet, i thought i see a hidden bearish divergence, as this is the downtrend
(price making lower high, MACD making higher higher) in orange
Flat correction almost complete, or complete...
1h bar took the highest low, 5m looks like an ending diagonal conclusion to that wave C.
Lets see how it pans out
I move on, and wait for a good setup, this isn't one right now.