Saravan
Long

AUDJPY Bullish breakout soon?

FX:AUDJPY   Australian Dollar/Japanese Yen
85 7 4
Hello traders,

This pair has been forming bullish daily candles at strong support zone and a triangle. I expect a bullish breakout since the price action and volume suggests break out to the upside. There is also RSI divergence.

Good Luck!
Comment: Price retesting the broken triangle. Another opportunity for long.
...in such case, the chance of going back into the triangle is lower than bounce back up?
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Saravan gcplau
The daily candle should not close below that. Otherwise it's most probably a fake breakout.
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gcplau Saravan
Tks, just don't like that engulfing bar..lol
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I believe a view has an optimal range. That means even with the same R/R, should I go 20/50pips or 50/125pips...etc. Am I too greedy?
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Saravan gcplau
It's a daily break out. It should go at least top of the range around 86.20. But it all depends if you are a long or short term trader. The first profit taking can be done @81.80 and the stop loss to BE. Stop loss should be below 77.60. Thank you.
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gcplau Saravan
Thanks so much! Very well said.
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Good Job! Bracket taking is also important, what's the suggested range of SL/PT?
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