QuileHills
Short

Descending Wedge Continuation Break Possible

FX:AUDJPY   Australian Dollar / Japanese Yen
182 2 9
AUDJPY             has a bit of a descending wedge formed a breakout of which downward could result in a good short opportunity.

If I remember correctly some studies on descending wedges show that bearish continuation breakouts between 60%-85% of the way to the apex of the wedge yeild around a 75% successful trade rate. Don't quote me on those exact numbers though.

Anyway, if we do get a bearish break I'll be getting in with a Sell Stop order as shown to ride this pair down to the channel support (blue line).
Great analysis! I am short as well! Cheers
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Really appreciate your analysis. Thank you.
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