AUDJPY is currently consolidating within a wide trading range. after a false bearish breakout of the range and strong rejection, I am focusing my attention on 72.5 structure resistance level.
IF bulls break and close above this level, there will be a high chance to see a bullish continuation to higher levels of resistance. Target levels are: T1 - 73.9 T2 - 75.5
Hi Vasily.. Very good post as usual. I am of similar idea but im thinking to go long around 70.4. Do you think we can see 70.4 again or lower to go long? At the same time i'm not sure if we go lower does this mean trend is bearish long term again? What do you feel?
VasilyTrader
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@ahmedzahid2799, hey Ahmed! if you set your buy limit based on this 70.4 level, you will get the lowest risk possible in trading this trading setup, setting your stop just below the LL. however, first, consider 71 level. it is now a very good resort for buyers, so chances, that the market will reach your entry level are way lower.
ahmedzahid2799
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@VasilyPonomarev, Thanks Vasily.. I am being a bit cautious because I had a buy limit at 70.75 with SL at 70 from last week which triggered on market open and hit my SL straightaway due to the big down move. So now i am trying to be a bit more careful.
But what you are saying makes sense, I will monitor 71 level and at same time may create a buy limit at 70.4