Good Opportunity to go short on AUDJPY
Updated
AUDJPY / 1D
AUDJPY is trading at a key level, what happens after this is very important for us to pick a bias.
Scenario 1: bearish
If price pushes down, it does so impulsively a subsequent tight one-hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.
Scenario 1: bearish
We might be looking at a measured move, which means, buying now and selling around 82.779. We will follow this pattern for the selling part, the reason is it carries a low risk, meaning if we are wrong we get out quickly with 20-30 pips. But if it plays out,
we will be looking for more than 200 pips in play.
Trade safe,
Trader Leo.
AUDJPY is trading at a key level, what happens after this is very important for us to pick a bias.
Scenario 1: bearish
If price pushes down, it does so impulsively a subsequent tight one-hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.
Scenario 1: bearish
We might be looking at a measured move, which means, buying now and selling around 82.779. We will follow this pattern for the selling part, the reason is it carries a low risk, meaning if we are wrong we get out quickly with 20-30 pips. But if it plays out,
we will be looking for more than 200 pips in play.
Trade safe,
Trader Leo.
Note
First rejection good indication
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Our recommended broker EightCap: join.eightcap.com/visit/?bta=37691&brand=eightcap
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