FX:AUDJPY   Australian Dollar / Japanese Yen
138 6 6
Price is rising for the pair right now ... but here's whats could happen not too long from now once we have another retest of the 61.8% area of the consolidation that's taking place inside the ascending triangle like structure which happens to be inside an ever bigger bearish channel .Well I believe we could see one last move to the upside which may very well be the last before the continuation lower why ?? well one of the biggest reasons for this is the fact that price may be getting to test the channel resistance and end up forming a top right around the roof of the triangle and the 61.8% of the previous leg higher from March.The risk on this maybe big but the reward is bigger plus the trend is your friend so keep an eye out for this setup :) and Good luck
Agree! Good luck. Keeping a keen eye on this.
+1 Reply
Trader_97 RicSter1
Thank you.
RicSter1 Trader_97
I'm in exactly the same position, although your'e target is much further away than mine.
RicSter1 RicSter1
Trader_97 RicSter1
thats because the idea of this trade is try to catch the top around the channel resistance and ride it all the way down.
RicSter1 Trader_97
Awesome, don't think I can hold it for that long, too much nail biting :)
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