The market is signaling a potential short entry on the AUD/JPY 4HR chart. The upward trend channel was broken and although confirmation is almost complete that the upward trend is over, we still need the price to trade down at 81.14 first. If we do get to that level we will enter short and have a profit target at 80.63 where we will close part of our trade. Our trailing stop is sitting at 102 points. We will adjust our levels according to our strategy while we are in the trade.
P1 : 80.63
TL stop: 102 points
We have reached our first profit target, you can decide if you want to take some profit off the table.
We are moving stop to entry
If you haven't booked some profit, this is not a bad area to idea to close a part of your trade
It seems that the bearish trend has been broken according to our strategy, move stop to 80.56
We are still in our short trade since we moved the stop after the market has reached the high of 80.59, once we get a new low we will revert back to the trailing stop of 102 points
Trade closed: stop reached:
Our trailing stop was reached and we have closed the trade for a nice