FX:AUDJPY Australian Dollar/Japanese Yen
This is a nice setup that caught my eye. The black lines are my entry area, the red line is my stop, and the green line is my intended target. The two negatives about this setup is that normally I would only take setups that offer me 3:1 risk to reward, but if I feel the setup is high probability, I will from time to time take less than 3:1. This setup offers roughly 2:1. I also don't like the fact that price is basing as it approaches my entry. I prefer a clean arrival. The cleaner the arrival, the less resistance price has to trade through leaving the entry. If price bases too much, I will cancel the setup. The huge plus that this setup has going for it is the fact that it is located within daily demand(support).