AUDJPY broke the 80.770 resistance area. After a close above the resistance level I put on a small long position, and will add more to the postition once the 200 ma is broken or with a pull back to the 80.770. Stops are placed below the bullish engulfing candle @ 80.510.
Just an update:
I did have a chance to add any addtional lots to this position sice price action never pulled back to 80.770, and when price broke above the 200ma I was not by my computer, and didn't feel comfortable setting an order to buy.
So I have moved my stop to breakeven and also took profit. The rest of the postition will run and I will manually trail my stop.
Price action will now be supported by prior resistance as well as the .618 fib extention with was taken from last weeks swing low and high.
resistance comes in at the 200MA and the .764 fib extention
I will be using the fib extentions as profit targets and as re-entry points, but only when confirmed by price action.
Just an update:
I did have a chance to add any addtional lots to this position sice price action never pulled back to 80.770, and when price broke above the 200ma I was not by my computer, and didn't feel comfortable setting an order to buy.
So I have moved my stop to breakeven and also took profit. The rest of the postition will run and I will manually trail my stop.
Price action will now be supported by prior resistance as well as the .618 fib extention with was taken from last weeks swing low and high.
resistance comes in at the 200MA and the .764 fib extention
I will be using the fib extentions as profit targets and as re-entry points, but only when confirmed by price action.