Here is a simple short set up on AUDJPY.
Price seems to be making a lower high and rejecting the Fib 0.786 Retracement level. There has been a lot of price action at this level previously so there is potential for good liquidity to be located in this zone.
Decent R:R of over 5:1 if we target the previous lows and the 77.500 support region.
I would place my stop loss around 30 pips above this current high that's forming.
Price seems to be making a lower high and rejecting the Fib 0.786 Retracement level. There has been a lot of price action at this level previously so there is potential for good liquidity to be located in this zone.
Decent R:R of over 5:1 if we target the previous lows and the 77.500 support region.
I would place my stop loss around 30 pips above this current high that's forming.
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Bearish momentum inbound. Riding the next wave downwards but will remove exposure when price drops enough.
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Trendline now being respected although very messy... potential for this to snap down from here and it is the reason why I use 30pip stop losses.
To allow for the breathing room of the markets.
To allow for the breathing room of the markets.
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Lots of bearish momentum on this one now. Holding until 77.500
