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Tuesday, September 11, 2018

[FOREX TIP] USDJPY Price Action Analysis – 12th Sept 2018

USDJPY is at a very critical level. The H4 chart shows that the price has been heading towards the North. The price already had a rejection from a significant level of Resistance today. However, the price had a little bounce from a level, which has the potential to be a strong level of intraday support. If the level continues to be the level of Support and ends up producing an H4 Bullish Engulfing candle, then an H1 breakout towards the upside would lead the price to go towards the North later today. Let us have a look at the H4 USDJPY chart.

USDJPY Price Action Analysis – 12th Sept 2018

USDJPY Price Action Analysis – 12th Sept 2018

See how the price has been heading towards the North on the H4 chart. Then that little rejection took place. The level of 111.450 is the level, which has to produce an H4 Bullish Engulfing Candle. If that happens, then we would have to wait for an H1 breakout at the level of 111.650 to take the long entry. Let us have a look at the summary of the trade…

  • Buy Stop Order: 111.650
  • Stop Loss: 111.450
  • Take Profit: 112.250
  • Validity: 72 hours
  • Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

The H4 chart clearly shows that the breakout level could be a Double Top level on the Daily chart. The momentum could be changed and things could go another way as well. Thus, we have to be very sure about the breakout and the breakout candle. In fact, the breakout candle has to be a strong, good-looking Bullish H1 candle with very less spike at the top.

 

The post USDJPY Price Action Analysis – 12th Sept 2018 appeared first on Advanced Forex Strategies.



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[FOREX TIP] EURJPY Bearish Cypher Harmonic Pattern – 11th Sept 2018

EURJPY Bearish Cypher Harmonic Pattern – 11th Sept 2018

EURJPY Bearish Cypher Harmonic Pattern – 11th Sept 2018

We have a Completed Bullish Butterfly Harmonic Pattern in EURJPY today.
This is on a H4 time frame.
Enter into a buy position at D or the price of 129.800 (or as close as possible to it).
We target to exit with a Take Profit Target of 128.200.
Good luck with the trade.

  • Buy Price: 129.800 (or as close to it as possible)
  • Stop Loss: 130.200
  • Take Profit Target: 128.200

Want to learn how to trade Harmonic Patterns?
Download Our Free Harmonic Trading Strategy Here

The post EURJPY Bearish Cypher Harmonic Pattern – 11th Sept 2018 appeared first on Advanced Forex Strategies.



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[FOREX TIP] AUDJPY Price Action Analysis – 11th Sept 2018

AUDJPY had a massive Bearish ride on the H4 and the Daily chart. However, by looking at its current price action, it seems that the pair is getting ready to make an upside move or at least some correction for the Daily chart. On its way, it might give us an opportunity to take a long entry later today. Let us have a look at the H4 AUDJPY chart.

AUDJPY Price Action Analysis – 11th Sept 2018

AUDJPY Price Action Analysis – 11th Sept 2018

Have a look at today’s 2nd H4 candle. It came out as a Bullish Engulfing candle and made a breakout at yesterday’s higher high. The current candle seems to be Bullish, but it would be best if it comes out as an Inside bar. If that really happens and we get an H1 Bullish Engulfing candle to be formed at the level of 79.220, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…

  • Buy Limit Order: 79.220
  • Stop Loss: 78.960
  • Take Profit: 79.800
  • Validity: 72 hours
  • Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

This is an ABC pattern setup. We have set our “Stop Loss” right below today’s lower low (78.960 here). This is the safest place to set the Stop loss. Some traders set their “Stop Loss” right below the breakout level (79.220 here). Both are right. The second one offers better Risk and Reward ratio but has more risk, but the first one has less risk but the Risk and Reward ratio is not that great. The choice is yours at the end of the day.

 

The post AUDJPY Price Action Analysis – 11th Sept 2018 appeared first on Advanced Forex Strategies.



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