This is the trade plan that I have been waiting since last week.
“Double Bottom” plan with AUDJPY.
The above if H4 chart, and after forming Double Buttom, I am basically waiting for “Higher Low” to buy this pair. However, the price has been in a range bound for sometime, and hasn’t formed Lower High yet.
Since I see Stochastic Divergence, I am optimistic that the price will come down from the current level. In that case, I would like to buy either from
a) WPP (90.28), or
b) Triple Bottom area or a little higher (89.30-89.50)
If, however, the price breaks the ceiling of the current resistance (90.80 level), then we should wait for the pullback, and buy from 90.80 level.
This is going to be a busy week with NFP. Stay tuned!
YJ Baik – Forex.Today @ Tokyo