BUY SETUP ON THIS PAIR FOR BULLS.

AUDJPY H4

MARKET IS BULLISH, 21 IS ABOVE THE 55. PRICE HAS BEEN PRINTING HH & HL. SUPPORT IS AT WPP WHICH COINCIDES WITH MPP, FURTHER DOWN WE HAVE WM2. NOTE THIS AREA IS ALSO A 38.2 AND 50.0% FIB. IF BULLS FOLLOW TECHNICAL RULES THAN A BUY FROM WPP WILL PROVIDE A TARGET AT WR2.

AUDJPY H4 POST TRADE

MY PLAN WAS TO LONG THIS PAIR AT WPP SUPPORT WHICH COINCIDED WITH MPP AND 50.0 FIB, AND MY TARGET WAS WM4. FUNDAMENTAL NEWS OUT OF AUSTRALIA WEAKENED THE AUSSIE DOLLAR AND PRICE FELL. MY SL WAS PLACED JUST UNDER WM2 AND I GOT STOPPED OUT. (NOTE TO SELF: NEVER TRADE AHEAD OF THE NEWS RELEASES, OR MINIMIZE LOT SIZE WHEN PLACING TRADE BEFORE NEWS RELEASE.)

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