Dear Trading Idea Followers
The last few trading ideas revealed quite well. For the AUD/USD, I have taken a quick profit at 0.7605. There was the major support level, which acted as a strong barrier for the bears. My intraday strategy showed me a clear sign of profit taking and I exited a few pips above 0.7600. The other short trade in Gold is still showing signs of bearishness. Indeed, if there is a chance of breaking the imminent support level at 1,140. If that happens, we could be in a home-run trade. You need to be careful around those levels, though. It is a major support level and my trading idea is to wait and see how the price would react to these levels.
Today’s trading idea is coming from USD/JPY. I am seeing a daily bearish rejection candle. It formed on a major resistance area. At the same time, the intraday trading system is showing me more bullish enthusiasm. I am looking to enter into a long trade in USD/JPY. My entry price is at 121.15. The stop for this trade is quite tight at 120.55. The primary price target is at 122.00. The secondary price target is at 123.50. Around those levels, it depends on price action to decide whether to take profits or let the position run.