Audjpy

[verbum4it]

This pair represent the currency of Asia. I want to know your sharing about this pair when you trade this pair. What is the best time according to you if you trade? And what about its volatile? What's news is very impact it volatility? These some question I ask you for your sharing. I believe that many experienced trader to this pair will share their experience to us in Indonesia he he

[ForexInstitution]

I wonder what really happened to the US currency in times of the last recession.. I do remember it went down together with stocks! I'd rather buy commodities like gold during recession! Can someone enlighten me with forex instead?

[saigonfx]

I have shorted AUDJPY today at 82.07. My stop is at 83.43 and my limit is at 80.80.

Being a new member here, I cannot post links to my charts explaining the trade further, but I'll summarize here to say that this pair looks heavily overbought on a momentum basis on multiple timeframes (all the way from the 15-minute to the 8-hour chart) and, in Elliott Wave terms, we have just completed 5 waves up from the June 25 low.

I am looking for at least a 61.8% correction from today's high. Should price go higher, I am prepared to add leverage as I've started with a very modest initial short today.

[saigonfx]

An update on the AUDJPY short trade from last week is available at my forex blog,Mid-trade analysis: AUDJPY (short) � saigonfx.

Basically, we are correcting higher in wave C of 2 today into the Fibonacci zone of 81.40-81.76. After this wave burns out, price should turn decidedly lower. My limit is unchanged at 80.80.

[saigonfx]

Here's some quick mid-trade analysis on the short trade I entered on AUDJPY on July 4. Basically, price has accelerated to the downside in the beginnings of a third wave impulse. The most exuberant part of an impulsive wave is the middle of the third wave, i.e., wave iii of 3. I believe after correcting back into the Fibonacci zone of 80.71 to 81.12, we will enter precisely such a rapid decline and it should leave price below the 79.00 handle. My limit has accordingly been adjusted downward to 79.58.

[saigonfx]

I've closed this trade for at 80.86 for a 121-pip profit. The more I looked at the structure of the decline from 82.35, the more this decline looked corrective. I think this pair is probably headed to 83.28-84.64 before it begins a substantial decline.

[SammyW]

I've closed this trade for at 80.86 for a 121-pip profit. The more I looked at the structure of the decline from 82.35, the more this decline looked corrective. I think this pair is probably headed to 83.28-84.64 before it begins a substantial decline.

Nice trade... I took a short on this pair 3/4 down between peak 2 and valley i (basically the bottom of the second large candle down on the 4 hr chart). I am so close to break even it isn't funny. At least haven't taken a loss as of yet. I'm still learning!