AUDJPY - 1Hr Analysis and Projection update
Hey guys,
Just an update on AJ. These are a couple of the options i have drawn out as my biases. I am completely aware that price can continue bearish, and that price can also not retrace at all and continue bullish.
If I am looking to enter, I need price to retrace to either of those key levels inside the FIB and then give me confirmations. This retracement will put me in the best overall position to buy with minimal risk.
It just makes more sense for price to go long to me for a few reasons:
1. Its trending in a bullish channel - Traders are caught that these channels play out perfectly every time and to treat them the same and enter at a break and retest or whatever they are taught. This thing looks too pretty and too perfect - and i always say whenever something looks too good to be true it usually is. So, it's just accumulating liquidity at this point and its getting ready to remove everyone from the market.
2. Because of this channel - Everyone and their dog is selling from the top of it causing the overall sentiment for AJ to be bearish. Its 69% bearish at this point, so it makes so much more sense for the market to target all of these sellers first. If it still wants to drop after that and continue bearish it can - but it's definitely not going anywhere bearish until it raids liquidity and manipulates price.
3. The Daily and weekly - Like i said before look - like a perfect 'Head and shoulders' - which means its luring all the new pattern traders in and accumulating them over time. Again - If you were ever taught that a H&S means only reversals and sells, I suggest you get a lobotomy and forget that info ASAP as they are one of the biggest liquidity traps in the market. Well, if you know how to trade them, they aren't. But because of the way they are taught - they end up blowing everyone's accounts. Including mine for my first year of trading. 🙃
These are just my personal biases, and I am aware that price can do many more things - But this is the only thing that i am looking for in terms of me entering. If it does something different i will adjust my perspective and my analysis accordingly. If you are bearish or have a completely different perspective to me and your charts look totally different, do not second guess yourself because I could be the one that is wrong, and price may play out the way you want. Be confident in your analysis and your skill and don't second guess yourself.
It took me 3 years to be able to finally come on here and share my ideas because I was so easily influenced, and I would always look at other people's charts and think i was the one who was wrong and i would think i wasn't good enough to be a trader - Only to enter the other persons trade and copy their analysis and it would hit SL and price would go the way I had originally drawn out!! So just always trust in your analysis and be confident in yourself always and that is honestly a large part of this journey.
Just an update on AJ. These are a couple of the options i have drawn out as my biases. I am completely aware that price can continue bearish, and that price can also not retrace at all and continue bullish.
If I am looking to enter, I need price to retrace to either of those key levels inside the FIB and then give me confirmations. This retracement will put me in the best overall position to buy with minimal risk.
It just makes more sense for price to go long to me for a few reasons:
1. Its trending in a bullish channel - Traders are caught that these channels play out perfectly every time and to treat them the same and enter at a break and retest or whatever they are taught. This thing looks too pretty and too perfect - and i always say whenever something looks too good to be true it usually is. So, it's just accumulating liquidity at this point and its getting ready to remove everyone from the market.
2. Because of this channel - Everyone and their dog is selling from the top of it causing the overall sentiment for AJ to be bearish. Its 69% bearish at this point, so it makes so much more sense for the market to target all of these sellers first. If it still wants to drop after that and continue bearish it can - but it's definitely not going anywhere bearish until it raids liquidity and manipulates price.
3. The Daily and weekly - Like i said before look - like a perfect 'Head and shoulders' - which means its luring all the new pattern traders in and accumulating them over time. Again - If you were ever taught that a H&S means only reversals and sells, I suggest you get a lobotomy and forget that info ASAP as they are one of the biggest liquidity traps in the market. Well, if you know how to trade them, they aren't. But because of the way they are taught - they end up blowing everyone's accounts. Including mine for my first year of trading. 🙃
These are just my personal biases, and I am aware that price can do many more things - But this is the only thing that i am looking for in terms of me entering. If it does something different i will adjust my perspective and my analysis accordingly. If you are bearish or have a completely different perspective to me and your charts look totally different, do not second guess yourself because I could be the one that is wrong, and price may play out the way you want. Be confident in your analysis and your skill and don't second guess yourself.
It took me 3 years to be able to finally come on here and share my ideas because I was so easily influenced, and I would always look at other people's charts and think i was the one who was wrong and i would think i wasn't good enough to be a trader - Only to enter the other persons trade and copy their analysis and it would hit SL and price would go the way I had originally drawn out!! So just always trust in your analysis and be confident in yourself always and that is honestly a large part of this journey.