AUDJPY Trading Analysis
AUDJPY Trading Analysis
Dear traders,
Last time I walked you through a potential USDJPY trading setup.
There was a bearish rejection candle, which formed on the daily chart. There was not a bullish confirmation from the 4H chart and price went straight down.
The trading range was a meagre 100-pips. I believe the summer season has “drained” the liquidity from the markets and left us with peanuts.
That is why, as I have warned my followers, August is probably the worst month for trading and you should be enjoying yourselves in a hot place.
That way you will be better off than just trying to catch a move when there is none.
There was a bit more action on the German markets, but I did not manage to really take advantage of it. I guess the summer is taking its toll on me, too!
AUDJPY Trading Analysis
Today I am looking at the AUDJPY. After that speech above, I am curious to see if this pair will grab more attention than the USDJPY counterpart.
I believe we are about to experience a bear trap and a price-bounce.
After price went just below this major support level at 80.500, it formed a bullish engulfing pattern and then experienced a second day of bullishness.
Currently, I am looking to see a potential retracement towards 80.600 and then a bullish confirmation from the 4H chart.
If I don’t see exactly what I am looking for, I might decide to just skip that potential trading opportunity.
Time and price will show me the way 🙂
Happy Sunday,
Colibri Trader
P.S.
Have you seen my latest article on how one of my students managed revealed his trading journey?
I found the article very interesting and hope I will be able to put to good use as the last few days I have been learning by hard knocks on a demo sight and that was quite an eye opener to see some of the stupid mistakes I should have never made after the first one I was chasing my tailife
Thanks for the info
Eric
It is always good to turn back to old trades and ideas and try to analyse what went wrong or right. There is nothing more important than being honest to yourself- once you get there, you will be a better trader!