FullTimeTrader
Short

AUDJPY- retesting broken trendline

FX:AUDJPY   Australian Dollar / Japanese Yen
1263 7 22
Im trading this pair since the gartley completion visible on D1 chart.

Right now price already reached the first target and is making a pullback to a strong area of S/R.
MACD crossing showing bearish continuation.

Here on H4 chart we see other reasons:

- price testing a broken trendline
- strong structure
- ema 55 as resistance
- convergence (first lower low)
- multiple spikes

A good opportunity to enter short or add positions.

Best regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).

Comment: first target hit, movin SL to BE
didnt take it but nice call!
Reply
We have a flag pattern on H1, it tends to break higher... ???
Reply
Hello, there are flag pattern everywhere on a given chart, overall they work well. BUT We should make first a top-down analysis. According to my D1 chart price is forming a bearish gartley. Then we can switch to lower TF and looks for setups, in this case bearish setups. Regards.
+1 Reply
farik666 FullTimeTrader
Yes, as we see it worked out. Also jumped in on this trade @ 88.523
Reply
agree sir, this is my analysis, i am assuming 2 cypher pattern to be form
Reply
Thanks for comment. I will be looking at the gartley completion to take profits and look for longs. Regards.
Reply
FullTimeTrader FullTimeTrader
Sorry, i should say the CYPHER completion.
Reply
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