Dale_Ansel
Short

AUDJPY - NICE DOWNTREND ON DAILY - SHORT

FX:AUDJPY   Australian Dollar/Japanese Yen
407 5 11
I have a good feeling on this one. Overall bias/trend is DOWN on the daily chart .
Lower High, followed by multiple Lower Lows. We have a lot of things
working here for a good high probability bearish move:

1. Trading into the major prevailing trend.

2. Price has pulled back to a prior area of support and has been rejected.

3. Price going back up into the 50% retracement area AGAIN to retest resistance.

4. RSI is at the TOP of the overbought "area" relative to the downtrend.

All of this data gives us a HIGH PROBABILITY of a Bearish Move.

-Good Luck!

*This trade also piggy backs my sentiment on USDJPY             - LONG
Hi Dale, your trade caught my eye as I too took a similar trade setup. I'm wondering what your target is? I find setting realistic targets are key and I'm still learning... James.
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Dale_Ansel PRO Cryptoelite
2 years ago
Well, targets on this would be the next area of support or resistance, which
in this case (if you look left on the hourly chart) will be right around 89.00.
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FreeGekko
2 years ago
Would you short now it's reached the 93.290 fib?
Reply
Dale_Ansel PRO FreeGekko
2 years ago
I will personally wait until the close of that candle, and then if the next candle opens below the close of that previous one I'll short there and place stop loss about 15 pips above the 93.29 fib.
Reply
SmartTradingFX
2 years ago
Good work I'm currently short this pair and if we can get a breakout to the downside i'm using the 92.35 area as my target based off the 4H Time frame! Lets see how this one plays out!
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