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UnknownUnicorn772665
Apr 8, 2019 10:54 AM

AUDJPY Short Trade *DAILY RESISTANCE & TRENDLINE BREAK* Short

FX:AUDJPY60
Australian Dollar/Japanese YenFXCM

Description

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Short trade set up with good R:R ratio and it should also provide scale in opportunities when the 4hr trendline is broken.

Entry 1 is on the Friday daily close with a large wick rejection candle.

Entry 2 is on the 1hr lower high and rejection of previous support/resistance zone at 79.200

Targeting previous daily/weekly lows at 77.500 if the 4hr trendline breaks.

Trade active

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Comment

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Still holding this trade... resistance is holding strong and should see more downside move now.

Gold is dropping in value so this should drag AUD with it

Trade closed: stop reached

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Trend AnalysisWave AnalysisChart PatternsAUDJPYaudjpyUSDFibonacci Retracementshorttrade
Comments
Captain_Walker
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Anything can happen in the next few hours! LOL

UnknownUnicorn772665
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@Captain_Walker, Down it goes
Amir_A147
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Pending a huge drop.
UnknownUnicorn772665
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@Amir_A147, Hopefully mate
BannaKhan
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I thought it was going to create a double top before reversing @Charlieab94
UnknownUnicorn772665
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@BannaKhan, Thats okay, my SL is above the highs anyway
BannaKhan
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@Charlieab94, Sure thing. good luck anyway.
Captain_Walker
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It was a very nasty bulltrap or bear-breaker. Very very naughty!
Captain_Walker
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I managed to escape so far. LOL. Was tracking 4H time frame so stoploss was much higher up.
Captain_Walker
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They Yen (JPY) is beginning to power-up as the DJI (Wall Street) looks more uncertain. Also AUD has an imperfect inverse correlation with the DJI just like with /JPY. So if the DJI heads significantly south, expect downside on AUDJPY.
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