AUDJPY - THE TREND IS YOUR FRIEND (AUDJPY)
Hello friends.
For some time now, AUDJPY has been downtrending after finding it's place under the .236 speedfan resistance. Now, a short term rally may provide us with an opportunity to cash in on this trend once again.
Now, this trade IDEALLY would have been taken at the 62% retrace - 88~
Already, we have touched the 127% extension. I believe this rally is a result of grinding against the fib circle shown on the chart.
This trend is strong, so I see no reason why the 162% extension can't be our new target. At least, I expect a retest of the 127% extension.
A good entry would perhaps be a retest of the 0 line of the impulse wave - 76.
Stop loss would be a breakout of the .236 resistance. Careful here, we could see a pop to the top of the channel. This trade isn't beautiful, but with a 3.13 RRR I think we can take it just fine.
Smaller positions will do well here.
Good luck traders.
For some time now, AUDJPY has been downtrending after finding it's place under the .236 speedfan resistance. Now, a short term rally may provide us with an opportunity to cash in on this trend once again.
Now, this trade IDEALLY would have been taken at the 62% retrace - 88~
Already, we have touched the 127% extension. I believe this rally is a result of grinding against the fib circle shown on the chart.
This trend is strong, so I see no reason why the 162% extension can't be our new target. At least, I expect a retest of the 127% extension.
A good entry would perhaps be a retest of the 0 line of the impulse wave - 76.
Stop loss would be a breakout of the .236 resistance. Careful here, we could see a pop to the top of the channel. This trade isn't beautiful, but with a 3.13 RRR I think we can take it just fine.
Smaller positions will do well here.
Good luck traders.
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