Master the IBWT pattern

Want

Get it now (risk-free)

8 patterns that make up 98% of my PA income

Get it now (risk-free)

Learn the Scalping Secrets

Get it now (risk-free)

Read on Mobile Enter Reading Mode

AUDJPY Trading Setup

Posted on Nov 16th, 2016

by colibritrader

AUDJPY Trading Setup

The trading week has been relatively quiet. I have not spotted as many trading setups as usual and that is why I have not really shared any trading setups with you.

By: Colibri Trader

The trading setup from last time did reach the primary target to the inch. It did reversed after that and the US elections did contribute to that. One way or another, the pair does seem pretty uncertain at the moment. I am not going to trade it for a while. I will come back to it once I have a clear indication of a direction.

AUDJPY Trading Setup

The trading setup from today is the AUDJPY. I am looking at it with a slight hesitation and still want to check the intraday activity. What I am seeing is that the pair is just standing above a major resistance-turned-into-support area. It could be a fake breakout and that is what I am looking for. There is a bearish engulfing pattern on the daily chart. This is definitely giving me a hint of the slightly more bearish tone of the market participants. I will be looking to enter in a short trade at around 81.75. My stop-loss would be just above 81.75. My first target is the level of 77.00. Then, depending on price action, I will be looking at 72.50.

Happy Trading,

Colibri Trader

p.s.

By the way, price action has once again proven its beauty. Although I did not trade before the US election (as written in the article), I did see that coming. You might want to check out my pre-election article and see where Gold and S&P500 are trading at the moment. Check article HERE

(Visited 339 time, 1 visit today)

Leave a Reply Cancel reply

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Colibri Trader Ltd, its employees, directors or fellow members. Futures, FOREX, CFDs, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, FOREX and CFDs markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.