Note: AUD/JPY didn't follow what we plan last week, so we didn't trade this pair.
Now, we are bearish on this pair.
There are 3 trading plans for this trade: 1. Wait for price correction near the resistance zone near 86.2x level, followed by a bearish signal to short. We can short with right risk amount. But the chance of the price correction to this level might be low.
2. Zoom into H4 or H1 to look for pullback to their respective 20-EMA, followed with bearish signal to short with right risk amount.
3. Short now with little risk amount.
Trade active
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Short with little lot size.
The price pullback to H4 Chart. EP: 84.335 SL: 86.255 TP: 81.014
Trade active
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Now AUD/JPY still remain below 20-EMA and near the 20-EMA line.
Wait for bearish signal to add on short position :)
Trade closed manually
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We decided to close this pair early before hitting our SL.
As the recent bullish trend bars in H4 chart seem like the bullish trend resumes.
Thanks for your great analysis!
Here is my view on AUD/JPY if you are interested:
Strong selling activity from 87.50 shows that strong sellers are present and that the long uptrend is now over. The market will be probably in wider rotation now and I will go short from 86.61 because this place was the beginning of the sell-off that started 2016-12-15.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale
Here is my view on AUD/JPY if you are interested:
Strong selling activity from 87.50 shows that strong sellers are present and that the long uptrend is now over. The market will be probably in wider rotation now and I will go short from 86.61 because this place was the beginning of the sell-off that started 2016-12-15.
If you are interested there are more Market profile swing and intraday analysis in my profile page. You are very welcome there!
Dale