Price has broken above a long term resistance level and has pulled back testing it and already being rejected. Any buy setup completion at the parallel will be a high probability one.
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It took price a couple of days (two bars) to reach our target. These who got involved in a buy setup from our support level most likely booked a trade with over 120 pips profit. Although it now seems we have a rejcetion at current level I believe price will break above the parallel and head to our next resistance level
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Price retests the sliding parallel where it seems we have a rejection. In addition a double bottom has formed at the level. Most likely price will move higher in the next days
Excellent analysis as usual. You had a contrary view on AUD/JPY and were right ;) got stopped out by these big up candles the last few hours of the session yesterday, too bad. Cheers
Fxprotrader
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@SwissPips, Don't worry about losing ones..! Keep your risk/reward in check and when you have winners you will do just fine ;)
SwissPips
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@Fxprotrader, yep but was pretty confident with my trade, thought it was a continuation pattern. The big daily red candle also made me think it was gonna down
Fxprotrader
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@SwissPips, I see..! Sometimes things don't go as we plan..!
ender.genom
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Do you expect new up wave for this chart next days?
Fxprotrader
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@Ender.genom, Hello..! I updated the post and answered to your question ;)