I can see a possible ABC on the daily chart.
Within the C down can we see a complete elliott wave down?
If yes, I'd like to trade the Wave 5 down
I call this The Setup 1.
Entry Level: 1.1905
Stop Loss Level: 1.1975
Target 1 is the bottom of wave 3 around 1.1844
Target 2 is the fib 62% @ 1.1737
negatives: Wave C down might be complete.
The daily chart now has cleared the BOX high
Now its in a region of Bullish Trend.
on the hourly, we see a strong 3 up...
IF price continues to go sideways throughout today and the next asian session then ...
tomorrow we could see a 5 up...
Either at Tokyo Open or else at the Frankfurt Open
This will shoot up.
If price goes below purple then its invalid.
price must stay inside this box (ghost feed)
This could be a really good setup short
But never marry a setup.
This setup, this pattern can give you 70% winners if you play it correctly
It is what I call the Setup 1. Wave 5 into Fib Exp 1.618 (The GOLDEN Ratio is Wave 5)
The AUD/JPY like the other pairs and the indices has been rising up and up.
It has now reached a level where it found a bit of resistance.
Whether it will continue the trend upwards is a different issue. But in the meantime, could it actually give us a short term, intra-day sell trade on the m15 chart
Lets find out ...
![AUDJPY: AUD/JPY The Famous Setup [Sell Signal]](https://s3.tradingview.com/q/QjRhZ9TQ_mid.png "AUD/JPY The Famous Setup [Sell Signal]")