AUD/JPY: Daily
Long or Short: short
Entry Point: 78.70
Stop Loss: 79.70
Profit Target/s: 72.70
Reward-to-risk Ratio: 7:1
Risk percentage: 1%
Indicators used: Fibo, trend line, candlestick
Trade Rationale: This is really a technical play. Yesterday’s candle is a doji and it is at the falling trend line and 618 Fibo. I’m hoping risk aversion comes back and sends the pair back down.
Trade Adjustments: stop to BE when trade goes my way by 100 pips
Friday the AUD/JPY hit the 79.913019 point. I do believe that your short idea is good but the entry point was bad selected…
I hope you didn’t made that trade and loss 100 pips… Good Luck
P.S. Use also the MACD indicator and watch multiple time frames when you create your analysis…
I like this one. It’s got some hidden bearish divergence + stoch in over-bought territory. Trend is in bearish channel. Your stop loss might be to tight. Market sentiment via Oanda has AUD/JPY 76.33% 23.67% (long/short ratio), contrarian theory would confirm the short idea.
