AUD/JPY

We are in a correction looking to break out. I am suspecting a little more down before a move up to break the blue trend line.
If price drops below the last low 79.045 I will draw a trend line 80.453 pivot and trade a break out of that LTF TL.
If price drops back to the .50 near the green daily TL I will watch carefully for a bull signal. (a higher risk trade).
If price breaks out strongly above the blue 4 hr trend line I will wait for the small correction and trade that break out.

See my breakout plan on the link below.

If you like the breakout plan please let me know and I will repost it for others.

Educate yourself, crate a trade plan, validate your ideas with other trader's ideas. Own your trade good or bad.

If someone never admits they were wrong in trading they are a bold faced liar.

Comment:

Getting closer to the breakout long. Two breakout trade options. 1) trade the break of the 1 hr TL (purple) look for a small correction (3 sideways 15 min candles min.) and trade the break of that correction. 2) wait for the breakout of the 4 hr TL (blue) again wait for a correction and trade the break of that LTF correction.

Trade active

Trade closed: stop reached:

I deliberated where to put my stop and decided just under the pull back at the top of the 4 hr support zone. I felt if I used the whole zone or placed the stop under the swing low the RR would not be good enough to take the trade. Unfortunately the double top happened while I slept so I missed a chance to move to BE.
You win a few you lose less.

Comment:

If I had bought the bounce I would move my stop to BE as this move up is not looking impulsive.

Comment:

We need to sit back and wait for the news waves to subside before making a decision. It is looking lower at this point.