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Audjpyanalysis

AUDJPY short with 4x Confluences. Confluences listed: 1: Trendline breakout and close on the Daily timeframe 2: Change in market structure and new lower has been formed 3: Break and close below support around the 84.7** area 4: Bearish engulfing candle at support Summary: Entry will be taken during the NY session. The trade has a potential RR of 2.5: 1 or more, depending on how deep the pull back is. Target are set using fibs from the high to the low of the breakout candle.
Short
by NDOBObanks
audjpyAUDJPY - SHORT Why are we entering? - Expecting JPY strength after a short correction period (See JPY index) - We look to be in a parallel bear flag What are we waiting for to happen? - price to retrace back to the structure and one of the fib levels - Waiting to draw WFB What is our confirmation? - Break of WFB trendline once created - Rejection of structure and parallel correction resistance Entry Safe Entry: Rejection of structure and then WFB (once correction is clearer) Risk Entry: Rejection of structure and fib level Once entered, where will our Stoploss be? - above the rejected price Where do we take profits? - First TP: 81.6 - Second TP: 80.8
Short
by Elrouby
AUDJPY Is Heading Higher To Complete Five-Wave SequenceAUDJPY decline from wave 3 high took the shape of Elliott Wave 3-3-5 sequence known as Flat Pattern. This pattern is a corrective pattern and it is in the position of wave 4 in AUDJPY's case. Both Wave 2 and 4 follow EW alternation guidelines. Wave 2 was a sharp and deep correction (retraced 78.6% of wave 1) and Wave 4 correction is a sideway and retraced 38.2 of 3 so far. If this count is correct, the price should head higher in wave 5 to complete the five-wave impulse sequence. Other confluence: Price is rejecting the H4 order block that is lined up with H4 200 EMA. What's your view on AUDJPY? Let me know in the comment.
Long
by Veejahbee
1
audjpyAUDJPY - SHORT Why are we entering? - Price broke the ascending trendline = bearish - Expecting further AUD weakness & JPY strength = AUDJPY SHORT What are we waiting for to happen? - price to retrace back to the structure and EMA - Waiting to draw WFB What is our confirmation? - Break of WFB trendline - Rejection of structure - Rejection of EMA Entry Safe Entry: Rejection of structure and EMA and then WFB break Risk Entry 1: Rejection of structure and EMA Once entered, where will our Stoploss be? - above the rejected price Where do we take profits? - First TP: 83 - Second TP: 81
Short
by Elrouby