Here is a simple short set up on AUDJPY.
Price seems to be making a lower high and rejecting the Fib 0.786 Retracement level. There has been a lot of price action at this level previously so there is potential for good liquidity to be located in this zone.
Decent R:R of over 5:1 if we target the previous lows and the 77.500 support region.
I would place my stop loss around 30 pips above this current high that's forming.
Price seems to be making a lower high and rejecting the Fib 0.786 Retracement level. There has been a lot of price action at this level previously so there is potential for good liquidity to be located in this zone.
Decent R:R of over 5:1 if we target the previous lows and the 77.500 support region.
I would place my stop loss around 30 pips above this current high that's forming.
Trade active
Note
Bearish momentum inbound. Riding the next wave downwards but will remove exposure when price drops enough.Note
Trendline now being respected although very messy... potential for this to snap down from here and it is the reason why I use 30pip stop losses.To allow for the breathing room of the markets.
Note
Lots of bearish momentum on this one now. Holding until 77.500
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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.