On the weekly chart this pair seems to be making a corrective structure - possibly a triangle. At the moment it's not important which structure it is because it doesn't change the trend - it's still up.
Currently on 1H we seem to be in an ending diagonal which should correct down before continuing long to complete a 3 wave move up.
We don't know when the short will come but that is the only trade I'm looking for at this time.
The correction could be much deeper than I've indicated and of course it may not happen at all. You only risk your money when price does what you forecast.
All forecasts will be updated as they develop - remember to follow to receive them.
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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OK we've had the predicted move down to the diagonal bottom - now let's see if it is going to bounce or push on down for the expected correction. If you are in this you might want to think about setting your stop loss to zero in case price comes back up. If it breaks down you'll be in a very nice trade.
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Price has pushed down and broken out of the Diagonal. It probably has more downward movement in it.
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This correction may be complete now. I'll be looking for a long set up shortly
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This could still come down to give a deeper correction. To early for a long entry but be careful if you are short - tighten stops
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Spot on
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AUDJPY
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The bearish arrow only represents a correction of the move up. I have drawn it to long - the trend is still up toward the daily channel top.
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Arrow still in the same place - Structure analysis works
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terence101
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Great analyse steve! I thought about it in two way's how it could develop. First one took me out for a break even, second one went smooth:) And took profit at the top.
And went for a sell at the top aswell, lets see how this one will develop further on!
And went for a sell at the top aswell, lets see how this one will develop further on!