The808Trader

AUD/JPY - Ichimoku Drawback Setup

Short
FX:AUDJPY   Australian Dollar / Japanese Yen
This setup comes from the daily, watching for a drawback. I've zoomed in here on the 4 hour so you can see the setup a little closer. Remember that drawbacks are by nature a little more risky than trend trades since statistically a trend is more likely to continue than to end. So, if we get the break below the current candles we'll have I'll be risking about 1% of my capital here. I may extend my TP out if it continues to fall, signalling to me in that case that we might have gotten in on an early reversal. If we fail to break lower or we don't maintain the separation of price to tenken sen on the daily, this setup may become invalidated.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.