I am a bull on this pair. I am looking for opportunities to buy.

AUDJPY DAILY CHART

Market is flat and price is ranging. I will be using the range strategy. Stochastic is heading toward overbought. Price hit support around MPP. I was looking to make my entry at psych level 86.500.

Source: 07/03/2017

AUDJPY H4 CHART

Market is flat and price is ranging. Stochastic is heading towards overbought. Price hit resistance at WPP. I am expecting for price to break through because of the stochastic is going up.

Source: 07/03/2017

AUDJPY H1 CHART

Market is flat and price is ranging. Stochastic has just entered overbought. I am looking for a 5/8 cross on the 1m chart.

Source: 07/03/2017

One thought on “AUDJPY TECHNICAL ANALYSIS 06/07/2017”

  1. Ryan Gandalf van Jaarsveld says:

    Hi Nonhlanhla

    Great analysis. My only concern is your entry – as you can see you have entered at the top of the range and at resistance – a better entry would have been at WM2 and if you missed that entry then I would suggest waiting for a break of the weekly and monthly pivot point with the plan to buy the pull back with WPP and MPP as support. Since uploading your plan price has broken to the upside which means you are feeling quite relieved though make sure you don’t let this lucky trade make you think it is ok to buy at resistance. No where on the chart, based on price action at the time of writing your plan, does it indicate that WPP/ MPP is support – therefore it is most likely that you saw price coming off WM2 and were concerned you were missing the trade. If that happens again rather exercise patience and discipline – wait for the bullish move to end and then retrace with your plan to buy at support. If you were so keen on buying this then you should have been looking at WM2 with a trade plan to buy there.

    Other than that your analysis is spot on. I like the fact that you identified the strategy you are trading with based on the direction of the market – just remember the rules of trading a range, buy at the bottom with an oversold stoch and sell at the top with an overbought stoch. If ever you identify price is ranging ask yourself if price is at the top or bottom of the range. If you are a bull and price is at the top of the range then you have only two possible actions – wait for price to return to the bottom of the range where you will consider buying or trade a breakout. Make a note of your range trading rules and put it up next your computer so that you ensure you are always trading ranges consistently. This will ensure that you are trading when the odds are in your favor and will ensure you mitigate unnecessary risk.

    Best
    Ryan Gandalf
    Coach @ MetaTraders.com
    Analyst @ Forex.Today
    Skype Ryan.Gandalf
    e-mail [email protected]

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