Tendency: Downtrend (Bearish)
Structure: Harmonic | AB=CD
Observation: i. Impulse A-to-B is in harmony with the B-to-C leg..
ii. B-to-C: The B- to-C leg is at 61.8% Fibonacci retracement of the A-to-B leg.
Short-term breakout and retest of the downward trendline + clear support level. :)
Looking for at least a little push up to the upper resistance level.
Keeping the stop loss just below the trendline.
Keep those losses at 1%!
This is a Tag&Go setup short, a sell stop order,
set and forget style is right on the red line at
This is an update from yesterday, entry is higher now.
The red circle is the stop and 1st and 2nd
targets are in green below.
There is a sell opportunity between lines B and C for 20 pips.
This trade can be taken with a sell stop order as a set&forget setup.
It`s recommended to position stop no further away than 1:1 RR away from entry, although this
may vary with markets and volatility.
In this trade we are looking for a momentum completion from line B to line D for 50 pips.
We also have a 25 pip target between lines B and C if price goes that way.
These trades can be taken with a buy stop order as a set&forget setup or we can wait for PA
to close above line B as with the T1 and T2 levels. In the case of the T3 level,
Price has been on the rise and following an ascending channel.
It just reversed from a strong resistance level and currently at the support line of the channel.
It is also currently at a horizontal support level.
I am not sure of the next move but I see two possibilities:
Price may continue to follow the channel and bounce off upwards to test the...
AUDJPY to climb from its upside confirmation at 74.550 where it could potentially bounce further to 76.200.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.