AUDJPY: Simple Trend Following Trade

FX:AUDJPY   Australian Dollar / Japanese Yen
1693 16
Update: Cancelled trade.
The price hit near term support at 98.10, where some new bullish pressures where seen, i am looking for a potential attempt to resume the bullish wave as long as 98.00-98.10 is holding. Watch for a break below that level as it may signal a deeper bearish correction.

**Position: Pending Buy limit at 98.30, target one at 99.30, target two at 99.70. Stop loss at 97.75.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
1) If 90 percent of first target is reached I move stop loss to breakeven.
2) If 90 percent of first target is reached without triggering entry I cancel the trade.
3) Remember: Losing is a main part of the game
I missed entry for few pips :!
I think the pair my form a bearish pattern at this point. Just a thought.
HamedAghajani HamedAghajani
i) This week an indecisive Spinning top has formed after last week's Belt- Hold line (Yorikiri) candle.
ii) This move had a confluence with 0.786 retracement of the previous bearish move
iii) This also had a confluence with upper edge of rising channel.
iv) The Momentum indicators are showing diminishing of momentum on 4H.
Still valid this trade?? Already reach 90% first target.
Nope, i just cancelled this one, there was no entry again.
Excellent analysis. Though I think most YEN pairs will be close to forming a significant top shortly and some may already have top in place.
+1 Reply
Possibly, this is a very short term trade.
DanV Technician
Yes. I quite understand.
Hi Technician, when you say "The price hit near term support at 98.10, where some new bullish pressures where seen"
Do you mean the pin bar that was created that bounced from support?
Yes buddy
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