I have entered a short position on AUFJPY for the following reasons:
My take profit has been set at the 0% fib level, which has been a strong area of support.
This trade gives a solid risk/reward ratio of 4.26.
- 4 hour fib retracement to the 78.6% area, which has previously been a good area of resistance
- There is the formation of a double top at this 78.6% area, enphasising the potential for a downward push
- A glance at the 4H linear regression shows that price is currently above the mean and also shows a downward bias
My take profit has been set at the 0% fib level, which has been a strong area of support.
This trade gives a solid risk/reward ratio of 4.26.
Trade closed: stop reached
Moved SL to half risk over night and got stopped out.Note
75.000 support seems strong.Note
Only a 1% loss
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.