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Audjpytradeidea

AUDJPY AnalysisMy analysis on this one is based on a Smart money concepts that some retail traders hardly ever use. We have a retail support zone that was violated (Manipulation), and resulted in us having an Order Block. I scaled down to the H1 to properly identify the Order block candle. price has since been bullish. Ideally, after an Order Block is formed, we expect price to come back and retest the area before continuing its movement. Price indeed did come back (by forming a correction down). Price has violated an intra-resistance line and is currently showing bullish momentum. I will be waiting for price to break out of the correction in order for me to take any long trades. *Disclaimer* This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial. #Trade_Like_A_Magnate
Long
by Magnatrio
AUDJPY wedge play for 4/16-17/20Here is another trading snack! AUDJPY has created this really nice bearish wedge pattern. In my opinion there is two good ways to play this pattern. As always patterns can and often do break in the opposite direction from ones own analysis or market bias’s. Having said that, trade if you must with your own risk tolerances. ‘‘Tis also isn’t trading advice, but my opinion on how I’m trading this pattern. What I’d like to see is a retest if the upper trend line. It may or may not happen. I’ve set orders in the upper red box to go short with stops just over the red box. But because I suspect a break down in price. I’ve also set sell orders just below the lower red box, the one just under the lower trend lie—with again stops just over the top of that same red box. The green boxes are targets and TP zones. Ideally I’d like a retest if the upper trend line and then a break down to my lower orders. If that happens I’d move stops upon the lower orders filling to my upper orders if filled. Those stops would go to my BE point or my upper average price. Once price has moved another 20 pips or do I’d move all stops to my BE on total orders average price and wait on my targets. The strategy is to put on as many orders as my trade plan allows while limiting my risk, and while allowing for the market to move with breathing room to this consolidation pattern. In recap. The upper orders might not get filled. But a breakdown will still get me in on the idea. If the upper orders get filled but price action breaks higher, I’ve limited my risk to my accepted levels. But if the strategy goes as planed then this idea should double in size as far as trading lots, but limit my risk to a level as if I was only trading 1/2 the size in lots. As always, you either make dust in trading or you will eat dust! Again this is only an educational post on how I’m choosing to trade this idea. It is not trading advice! All the best in your own trades.
Short
by PipsTradingClub