Description
⋅ I have entered a short position on AUFJPY for the following reasons:
- 4 hour fib retracement to the 78.6% area, which has previously been a good area of resistance
- There is the formation of a double top at this 78.6% area, enphasising the potential for a downward push
- A glance at the 4H linear regression shows that price is currently above the mean and also shows a downward bias
My take profit has been set at the 0% fib level, which has been a strong area of support.
This trade gives a solid risk/reward ratio of 4.26. Trade closed: stop reached
⋅ Moved SL to half risk over night and got stopped out.
Comment
⋅ 75.000 support seems strong.
Comment
⋅ Only a 1% loss