FX:AUDJPY   Australian Dollar / Japanese Yen
1027 8 13
Running into a lot of resistance. I don't like shorting here because my risk reward is not good enough. Lets see if it reaches 91
Do you think it will breach thru the 88,600 support?:)
Reply
papeeeboy chrisvos
This trade is based on a trend. Should the trend continue, not only will it break 88 but it will also test the lows around 82. If the trend stays intact, would should see a new low around 80. The only reason why it would not break 88, is if we have a trend reversal.
If you think the trend is going to reverse, then this trade is not for you.
Reply
chrisvos papeeeboy
Alright, thanks for explaining. Do you trade this pair once it breached the support trendline?
Reply
papeeeboy chrisvos
The red zone is set where i THINK the sellers are. Once its in that red zone its up to you to decide how to place your bets. You can definitely sell when the trend line is breached, but that decision has to be yours and it has to be proven before you place the trade. Chose your sell or or buy zone, and leave the rest to the market. There is no perfect price, at least for me. I look for areas where I can buy or sell.
Hope that helps.

+1 Reply
Good, i have same analysis
+1 Reply
good job
200 MA at 90.7
+1 Reply
Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of using resistance to setup a trade with the trend.
+2 Reply
papeeeboy walker.england
Awesome! Thanks!
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