NZDJPY is approaching major historic support
offering some fantastic risk vs reward long-term trading opportunities.
I'll be favoring longs as price continues to head lower.
As I'm favoring longs at this level, I'll be keeping an eye at this
level to see how price action responds looking for buy setups.
AUDJPY approaching major area of value.
With the brief exception of the financial crisis price
hasn't breached these lows in over 15 years.
Will be favoring longs. Keep an eye on price action
at the level and be on the lookout for buy setups.
Tremendous upside potential comparative to the risk.
I will be looking for a retest on that level of support which is now resistance to look for a opportunity to sell in a case of rejection from sellers. But if you look closely there is three level so three entry point depending on the candle price action. Thought , critiques and opinion are welcome.
In forex you are taught to trade the major pairs. Any other pair is basically not a focus. Well I came across this pair and see that price is approaching an area of major resistance. Obviously it will take some time for this setup to actually play out. I think if it sets up the way I see that it could then a good amount of pips could be made on this pair. This...
USD/AUD is approaching a level of note. Price has broken and retraced from this resistance level before. Overall I think price will consolidate in this level for a bit and then choose either to head further up or reverse to the downside. Either or it is important to be ready for both.
Trading Journal #4
Long term Trend Line being Respected on a Daily and 4 hour time frame.
Retested the 1283 price and kept rejecting.
currently playing in test the price of 1293.
expect the Rally to continue, Next target of 1302 area.
if achieved we will see prices return to the 1320 and then higher.
Looks like this pair could come down and test a Major Support Level @112.500 (last touched June 14 2017). Not only is this a Major Support Level but it is also a Psychological Level. We also have some Confluence with the 1.414 Extension as well.
R:R 1.65 and 2.57