AUDJPY Short Trade idea

22 Mar 2021We are seeing many JPY pairs being overextended across the board and in need of pullbacks. This is a good opportunity to profit from

From a multi-timeframe perspective, we have:


-Weekly Shooting start rejecting relevant weekly Support&Resistance area.
- Daily shooting start formation followed by bearish confirmation the following day
- MACD divergence is present across different timeframes
- Nice Intraday price action with price breaking above previous highs creating a massive bull trap that helped fuel price back down, breaking the lower boundary of a solid ascending channel.
Now bears are in control and we can expect further downside. I am personally waiting for a solid 1H rejection off the area of that 1H descending phase line in order to go short.
If price does not reject that phase line, then there is no trade. However if we get an entry, I will have a soft target at the next Fib extension ( 83.2 area) and a second target at previous daily lows ( 82.125 area)

Let me know if you agree or you see something different!=)

Cheers!

23 Mar 2021

İşlem aktif

Entry order triggered a few hours ago (23/03/2021 01:28 GMT+1), currently running at +2% profit

23 Mar 2021

İşlem elle kapatılmış

Target1 was reached very aggressively so a deep pullback may occur. For this reason the trade was exited after the confirmation of an inside bar in the 1H chart for a total 3% return.

I will still be looking in case price offers us another short-term short opportunity however let's not lose sight of the HTFs which indicate that bulls are overall in control of this pair yet.

I hope someone found this helpful!=)