Hi Happy Traders,
I posted the possible trading scenario of AUDJPY yesterday, to Long from Double Bottom.
I think finally this setup has been cooked, and possible to trade today, hopefully around London Open.
Here is H4 chart, which you can see Double Bottom.
Currently the price has been bounced back from Weekly Central Pivot (WPP), with the Stochastic in overbought zone. So we would like to wait for the pull back, specifically we need to see Lower High before entering the Long Trade.
Here is the close up chart (H1).
I took a Fibonacci of the current up move. My BUY ZONE is somewhere between Fib38.2% – Fib61.8%. Notice there is Daily Central Pivot (DPP) at 90.22.
As usual, we need to confirm the reversal price action before entering the trade. My target will be Fib138.2% – DM4 (91.3515) for a day trade.
If you swing, you could aim for WM4 (92.39). (WM2 -> WM4)