On July 29th, I posted AUDJPY trade plan, as below.

2015-07-29_11-55-44-AJ2

Basically, this is “Double Bottom” plan on H4 chart.   So I was looking for another Higher Low, then I would Long this.   However, what has happened is… the price is not making any Lows.  (See below)

2015-07-31_12-35-41-AJ1

You may wonder “OK, not making Lows. Support is rigid.  Let’s Long from here”.   This discussion makes a certain sense.  But I would like to hold this trade yet, with 2 reasons.

1) The price went down yesterday.  So Bears are waiting to sell.

2015-07-31_12-40-05-AJ7

2) Bearish Divergence on H4 chart

2015-07-31_12-45-02-AJ4

Also on H4 chart, 55EMA is in control. So I am expecting the price will drop further, and form either Triple Bottom or Higher Low.

Taking all the discussions into account, let’s be patient a bit more, until we see Higher-Low on either H1 or H4 chart.

 

Happy Tradin’

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

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