Summary:
All signs are pointing to a significant breakdown in the AUD/JPY...
Commodity currencies are under extreme pressure due to a global slowdown and suppressed commodity prices.
In an extremely volatile and high risk market, investors will fly back into the Yen as a safe haven and dump commodity currencies.
We also have upcoming rate cuts coming out of...
POTENTIAL COMPLETION OF XABCD PATTERN ON AUD/JPY, WITH THE COMPLETION LEG FINISHING ON THE 0.382 RETRACE OF LONG TERM SWING HIGH/SWING LOW.
A BEARISH REVERSAL CANDLE ON 30M TIME FRAME MAY ADD TO FURTHER CONFIRMATION OF SHORT TERM SELLING, WITH THE 91.30 HANDLE ACTING AS STRONG STRUCTURE RESISTANCE.
DAILY SUPPORT ACTS AS A NICE POTENTIAL PROFIT TAKING AREA, SHORT...
Short Below Trendline candle close will open Doors To Flag Take profits
Entry@candle close above trendline
Stop loss Above Breakout Trendline High Close OF Other Candle
Take profit At Flag
AFTER AUD/JPY RECENT GAP AND TEST OF A LONG TERM 0.618 RETRACE, IT HAS FAILED TO BREAK ABOVE PREVIOUS LOWS; TWO TESTS OF STRUCTURE RESISTANCE AND BEARISH PRICE ACITON OFFERS UP A GOOD RISK REWARD SHORT OPPORTUNITY.
A SIGNIFCANT BOUNCE OFF THE NEW 0.618 SWING HIGH/SWING LOW AS WELL AS A BEARISH ENGULFING CANDLE, INDICATES THAT AUD/JPY REMAINS CAPPED BELOW THE...
My moving trend indicator shows possible move down.
It either goes directly down or after initial pullback towards identified resistance level. In the later case I will enter with a bigger lot size after pullback as R/R ratio is extremely favorable at this area.
EDIT : THE MENTIONED PIN BAR IS YESTERDAY'S PIN BAR D1. SORRY FOR THE CONFUSION THERE.
price went below the pin bar
triggering sells
while market maker
are loading their buys
because of the
resistance turned support
simple analysis.
this is the market trying to
stop out new traders.
which they did
successfully.
this bull may run out of steam
at the 61.8% or...
ENTER THIS TRADE FOR GREAT RISK REWARD. PRICE REJECTED FROM 93.26 LAST WEEK FORMING A MINI D1 PIN BAR.
IT IS MINI BUT ON THE LARGER SCALE IT WAS ALSO REJECTED FROM THE WEDGE PATTERN.
TRADE THE WEDGE FROM THE TOP TO THE BOTTOM, OR AT LEAST TO THE 20SMA BEFORE UPTREND MAY CONTINUE.
H4 RSI DIVERGENCE
GOOD RISK REWARD
RISK 30PIPS TO MAKE 90 PIPS
QUICK IN QUICK...
We might have a bat pattern forming on AUDJPY.
Remember that a bat pattern has:
XB is a .382 or a .500 (unfortunately in this case we're over a .500...)
AC is is a .382 or a .886 (we're just above at a .906 here...)
BD is a 1.618 or 2.618 (we'll be just under at the 1.426s)
XD is a .886
and If you zoom out of the chart and look left you'll see we have a little...
If you missed the first train southbound as I wrote some days ago, maybe you can get a second chance; price has been rejected exactly at 93.00 so we might see a further weakness in the coming days. Drilling on a lower time frame respect to my former analysis, we can see how the pair is consolidating in a lateral congestion and we can easily identify a resistance...
