#AUDJPY: How to Spot a Potential Trade(Example) | #forex

FX:AUDJPY   Australian Dollar / Japanese Yen
*Correction: It's a LH not LL on the weekly chart

This is an attempt to demonstrate one way I use to approach the market and find potenital trades.

Starting from the higher time-frame - Weekly Chart

Going to the lower time-frame - Four-hour Chart
  • I have identified all the higher highs and higher lows for the recent major upside pullback.
  • The price has recently broken the latest "HL" and thus has damaged the structure of higher highs and higher lows. and started a new possible structure of lower highs and lower lows.
  • A pullback towards the area of interest or near that, then a bearish pin bar or a double top pattern could be the trigger for my short position,

If no confirmation, no trade
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Technician, do you have any thoughts on this pair?
Technician TOP MuathAlBulbul
I remain bearish mate as long as 93.60 resistance is holding. I already have a short position opened.
+1 Reply
MuathAlBulbul Technician
Thanks for the reply, wish you luck.

Can I have an addition to your wonderful work? It could be amazing if you could update you're stance on a still-valid analysis. Believe me it would be really helpful if you could give us an update on whether to short or long at a certain time, or if this trade is canceled or etc. or at least how to know when to enter this trade. I know it is too much to ask, but the majority of beginners (like myself) have a problem of deciding the exact time to enter a certain trade.

Thanks a lot buddy!
Technician TOP MuathAlBulbul
Thanks Muath,
I do publish that a lot, but sometimes I dont. I prefer not to direct ppl to exactly follow my trades.
MuathAlBulbul Technician
I allow you to direct me! Haha.

Kidding aside, I lost money on this one, while I could have waited a little bit just like you did, and entered in a more suitable place. This is what I am talking about.

It's not directing in the sense of the word, more like a tip that people are responsible of how it turns. No one says you're responsible for our profits/losses, it is alone a treasure what you give away for free! But this could be a big addition IMO.

I wish I knew how to decide when is the right time to place an order.

Anyways, thanks again :)
Technician TOP MuathAlBulbul
I understand, i try my best to help. Good luck
+1 Reply
Nice analysis! Thanks for the insight of your trading. Did you pull off the trade at the double top around 09:00 ? If so, you'd have a very nice trade going!
thanks for this very interesting analyze, you can see mine here for a short :
Double top confirmed!
MuathAlBulbul mogyimark
Did you short this yet?
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