Aud/jpy

Nice trade. I started watching it last week after the RBA rate decision. Naturally when I added the second position yesterday I picked the top. And then today, so goes equities, so goes AUD/JPY.

Hopefully 77 will hold. Looks ok so far.

Hopefully today’s a profit taking day, reality check, not an all-out bear day.

If not, stop moved yesterday to +50 pips.

Not my target, but I’ll take it :wink:

Forgot to mention, when stop was raised yesterday, target was lowered as well, to 78.25

We’ll see!

My stop is at 75.20 at the moment.

Looks good.

closed @ 77.38 in case there’s profit taking before the weekend.

Happy trading :cool:

I’ve decided on a target for the trade 79.95. Going for the previous highs made back in mid-June. Stop at break-even 76.08

beautiful. wish I went more long term, although, profit is profit :wink:

Cheers!

That’s right! Just have to wait for the next setup.

watch yer noggin’ on the ceiling though, that’s where i got out the other day ( on your pic )

A very reasonable spot to get out at.

But I have the RBA on my side so it seems. Came within 66 pips of the limit last night. I’ll watch the daily candle that’s forming today. If it closed right now, I would probably get out. Will wait for 5pm to decide.

DailyFX wrote a short blurb at the bottom of their article on what Governor Stevens said last night about interest rates Australian Dollar Surges as RBA Chief Talks Up Economy, Hints at Rate Hikes (Euro Open) . This is why I think AUD/JPY is a great long term trade regardless.

AUD/JPY crashing down. Not going to wait to see how this thing develops. Closed both positions at 77.59. Your call on resistance was correct zekelogan :smiley:

Good call.

Provided this is merely a correction, I would think your idea to be completely viable for re-entry.

Nothing wrong with the market allowing the opportunity again!
:smiley:

I was afraid earlier today that the daily candle would develop into what it did. Large doji at the top of the uptrend nearing resistance. :eek:

Looking back, yesterday was probably a good trade setup for anyone trading on candlestick patterns, but then again hind sight is 20/20.

Talking out loud here, is this pattern signalling a downturn in equities also. Remember it was around this time the past two years that volatility started to pick up, and equities started to turn down. Maybe the JPY crosses are acting as a leading indicator.

That sort of action could cause AUD/JPY to go down regardless of what the RBA is deciding, and a sell off could be much more severe in the short term. The EUR/JPY gives a better picture of this in my opinion since it has failed to make higher highs in each of the past 3 rallies since May. AUD/JPY has held up better due to the better fundamentals in Australia but even it may succumb.

Technically, if the GBPJPY doesn’t run back up & break 163 for a new high on the daily charts, I’d say it was rolling over as well.

Yesterdays daily candle didnt say much, I was anticipating an engulfing bearish candle. However I see where a retracement is possible to test the counter broken down trend line, then I will look to BUY on a reversal candle formation at the 61.8. See chart attached.


If/When the retrace happens on AUD/JPY, I’ll probably look to go long again. For now, I liked the GBP/JPY so much I decided to short @ 155.84. Thanks for pointing that one out zekelogan. We will see…

No prob. I’m with ya :smiley:

My short term a$$ got booted :smiley:

Hope all’s well!