I suggested the long trade setup for AUDJPY yesterday.
I actually traded it as planned, and stopped out as Even, as the price came back down all the way.
Let’s do it again.
Now big picture first. On H4, the price broke the resistance of Prev. High (88.55), and pulled back down to 21EMA/WPP, with the Stochastic oversold.
That’s where we are. You smell the beef?
If not, how about Hourly chart?
You can agree that 88.24 has been a serious level of Support for sometime which happens to be Weekly Central Pivot (WPP).
Now you smell the beef?
If you don’t, you are bear, right? That’s OK.
But if you are Bull, here is my entry.
On M15 chart, this pair has been in a small range during Asian hours today. I see no Bullishness from this chart at all. So at least I would like to see the break of today’s high (88.42).
So my entry will be… just wait for the break of 88.42, or actually break of DPP (88.475), and buy at the retest of DPP.
If the price doesn’t break DPP? then no trade!
Now simple is that?
Hope this setup helps you build your own.
YJ Baik – Forex.Today @ Tokyo