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Audjpytrade

** AUDJPY ** sell trade currently openHi all, hope your having a great week, really happy with current performance for the strategy, forward testing is showing solid results across the board. The entry price, stop loss (in pipettes) and take profit are shown on the chart itself. Just something I'm working on in Pine script, I'll share as many trading ideas as and when I can, so I can document my progress. My name is Al, I'm 40 and from the UK. I've been trading for a few years, my key goal is to automate my strategies and remove as many decisions as I can. Any questions, feel free to drop me a direct message if I can help. These ideas, aren't specific advice from me - so if you enter, of course do your own due diligence - always manage your risk like a pro too. This is all for information and education. Have a great day, Al. 🙂 PS. Check my other 'Related Ideas' too.
Short
by AL-1-
AUD/JPY - JPY Correction SoonI expect JPY pairs to correct across the board soon, most of them are very oversold. On this pair RSI is very high even on weekly timeframe, same goes for CAD, EUR, and GBP to JPY. All these pairs are at resistance levels, GBP/JPY is actually surpassing the resistance level as well so that is further reason to see a pullback. I am not entering shorts personally at the moment because the trend is going up very aggressively, this is just an update on where the move may go and where possible longs can be taken from. I expect all these pairs to retrace to at least 0.5 Fibonacci, they could possibly retrace further so the price needs to be monitored before entering trades if and when this happens. I expected these to see a retrace sooner but they have clearly continued to shoot higher so considering the resistance level and RSI they are likely to correct very soon.
by olly48
AUDJPY - LONGLong AUDJPY @ 83.23 TP: 85.00 SL: 82.90 Ive decided to go long AUDJPY as the Aussie has been better bid of late and there has been some nice consolidation around this level which will act as support for the trade (around 83.00 level) as well as fibbo support around this level too. US dollar is very week at the moment and therefore AUDUSD should continue to grind higher taking AUDJPY with it. The reason I stay out of AUDUSD and go for AUDJPY instead is incase the US dollar rolls over and stats to rally. If this happens, USDJPY will go bid meaning that JPY weakens further thus giving AUDJPY another reason to breakout. My stop is set just below the 83 level, just for some breathing room. I will need to see a sharp spike below or a daily close below this level before I decide to close out the trade. Lets hear your thoughts below ... Goodluck!
Long
by WhosPipsAreTheseAnyway
6
AUD/JPY Has Broken ResistanceThis has broken above the previous high and is now retracing back to test it as a support. A long can be entered here if we see the rejection. MACD and EMA's are bullish, especially on the daily timeframe. I have set 2 take profit targets, I originally was only looking to reach TP 2 but that could be too ambitious and who knows what can change in the time it would take to get there. TP 1 is a good target as well and still makes for a good risk/reward ratio.
Long
by olly48
4