I just realized that the breakout that you have is a false breakout. You have to wait for one more down bar before you can conclude it's bearish. Because of this it's more likely to have a correction into the bar: dl.dropboxusercontent.com/u/98363503/Chart - AUDJPY (W2-1).png
kosai19
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Forgot to mention the "support" I'm referring to the green line I drew on there. Often times markets use parallel lines as an "overshoot" level. I think that's the case here.
Lanmar
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I am no longer in the trade. I have actually been net long since mid ~81.xx
Here is my new entry to short (forgot to update this chart. Thanks):
kosai19
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Thanks... the new chart falls in line with my expectations for USDJPY, and S&P 500. If you look at W1 chart for both they are incredibly bearish (head & shoulders pattern on both). It's highly likely to hit your purple line I think. I'm currently long S&P 500 also until it tests resistance then I'll be selling heavily... I can add AUDJPY thanks to your charts also... thank you!
Lanmar
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Agree! Thanks for input!
kosai19
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Basically the AUDJPY is moving like the USDJPY and S&P 500 Index (if you look at the charts they are all correlated, especially the USDJPY and S&P 500 Index).
By the way, your long term chart is one of the best I've seen. Excellent of use of spotting the cycletop/cycle bottom pattern!
Lanmar
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Yes, basically. Thank you sir.
Darenth
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HAHA, I took the same setup,a few minutes ago.
Lanmar
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Nice! It's a great trade! Risk is very low.
Darenth
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In all Yen's pairs, this pair is the most perfect, good luck mate!