AUDJPY pin bar short opportunity
1. Bearish pin bar has formed on this down trend retrace indicating sellers have gained control of price and are ready to continue the down trend.
2. Price has also retraced to a previous support area, the 50% Fibonacci level and is in between the 8 and 21 period moving average, adding confluence to the analysis.
3. A conservative sell order entry could be placed half way of the range of the pin bar. Profit target could be placed at the next level of daily time frame support.
4. Return is more than 2:1.
2. Price has also retraced to a previous support area, the 50% Fibonacci level and is in between the 8 and 21 period moving average, adding confluence to the analysis.
3. A conservative sell order entry could be placed half way of the range of the pin bar. Profit target could be placed at the next level of daily time frame support.
4. Return is more than 2:1.
Trade closed: stop reached