Dear Fellow Traders Trading Price Action
Trading the markets has been extremely profitable recently. The FX market and the equities space have been rich in trading signals. Trading price action has played a major role in taking the right trading decisions at the right time. Once again, it has affirmed me that there is no better way to look at the markets than that.
Today’s trading idea is coming from a currency pair that has not been showing up recently in the trading price action reports. AUD/JPY is the pair that I have chosen today as the one showing the best setup for a continuation of the uptrend. First of all, the pair has retraced around 200 pips from the top. Now, it seems to have found a support level. Trading price action has learnt me that rejections around such support levels are acting as a catalyst for pushing price in the direction of the major trend. In the past week, there were a few bullish rejections at the powerful and psychological 100.00 level. That is enough of a confirmation to convince me that sellers and buyers are playing a tug war, from which bulls have a better chance of winning the battle. On top of that, today’s candle is a pin bar look alike, which gives me the final confirmation.
A possible long entry point could be the level of 100.72. Those traders trading price action, should implement a tight stop-loss at 99.75. The first target is the level of 102.00. Depending on price action around this level, I would decide whether to let the position run or close it.