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AUDJPY Price Action Analysis – 11th Aug 2017
AUDJPY has been extremely bearish on the H4 chart. The price has kept making lower lows. As things stand with the pair, the sellers are going to wait for upward corrections to go short again. Considering the latest downward move, the price broke a significant level of support. Thus, if the price goes back there again, selling the pair would get us some green pips with excellent risk and reward ratio. Let us have a look at the H4 AUDJPY chart….
AUDJPY Price Action Analysis – 11th Aug 2017
As we see that the last bearish H4 wave broke the level of 86.220 and then kept going towards the South. If the price starts having retracement from here and goes up to 86.220, then wait for an H4 bearish Engulfing candle to take the short entry. Have a look at the summary of the trade…
- Sell Limit Order: 86.250
- Stop Loss Level: 87.000
- Take Profit Target: 84.800
- 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
By looking at other pairs H4 charts, AUDJPY looks the best one. Thus, I have chosen this pair to recommend the trade setup. The price needs time to go to the resistance level and it seems that we might not be able to take the entry today. Most probably, the entry signal would come on next Monday. This means as an H4 trader, I would not be able to take any entry today. This is usual and this has to be adopted by a trader if he or she wants to make a consistent income from trading.
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