AUDJPY been bouncing between 55.00-99.00
right now price passed the MA 200 in Monthly Chart
created a good looking now we had couple moth of pull back
Our Goal is to get to 72.00 and then if Monthly Resistance of 72.00 broke below
we continue this short position to 55.00
Now HOW DO WE DO THAT?
HOW CAN WE HOLD ON TO A POSITION FOR MAYBE A YEAR OF LONGER?
it is a very simple process Difficult BUT Simple.
here is the formula:
- We use our weekly chart and confirm out short trend in lower time frame ( Please refer to my Weekly Chart)
- after weekly conformation, Which in this case price is riding down very smoothly on MA21 with MA 200 Following in straight line ( Please refer to my Weekly Chart)
- We mark the last weekly Resistance ( Please refer to my Weekly Chart)
- We also mark the end of our MA 21 in Weekly chart ( Please refer to my Weekly Chart)
- Now we have Monthly Resistance and Support and we have weekly Resistance and Support and we aslo have the closest Local Resistance ( MA 21 which it is on local S/R) ( Please refer to my Weekly Chart)
- NOW we open a ( Please refer to my )
- AUDJPY is ONE of the Most beautiful you can find in 2016 ( Please refer to my )
1st off you have MA 21 and MA200 Following each other with a great harmony
2nd There is nice a channel the the price been working its way down which makes AUDJPY
one of MY FAVORITE PICK OF THE YEAR.
3rd of all You have inner channel that creates a even better opportunities.
- What we want is to find the best place to enter a short on
on price right now is sitting on center of two channels (outer and inner channel)
A nice giving us a sell signal and then couple pin bars with last creating a telling us pull back is very likely.
With Fib 0.382 right on MA21
- We look for entry signal somewhere between Fib 0.50 to 0.382 on or around MA21
MY SELL SET UP
2 SELL STOP pending order
My Stop loss is above the swing 0.7950
Mt target Price
Give or take a few pips
Even if you dont have the time nor the nerve to hold on to this swing trade take advantage of and take some pips from this beauty.