aud/jpy - false break off resistance
eur/jpy - IB off dynamic resistance
comments welcome.
Hi Evermore,
Of the two l prefer the EURJPY, to me its technically stronger.
The AUDJPY had a very powerful up week last week and it could be retracing of course but its still at best a Range trade or counter trend trade.
The EURJPY also had a strong up week last week but not as strong and its a techically sound with trend trade. Also, the EUR has been able to move up today against the GBP but not against the JPY which speaks to JPY strength.l like that its an IB at the 10ema too, however there is the BRN of 95.00 just below so you may need to move your stop to BE quite quickly.
Also, the market is consolidating and waiting for Central Bank news from the ECB and possibly the BOJ so l am wary.However, technically its a decent short trade imo,but l am not sure l want to put my money on it at the moment.
I donât like the EURJPY inside bar, especially with the bullish close on it, the chart just doesnât flow nicely with me there. It may break down but I think AUDJPY was a good setup. Nice range happening on that chart and rejection of the top.
If you also look at AUDUSD
I was watching AUDJPY last night, good call Evermore
The AUD picking up a lot of strength moving towards London time. I am just going to sound like a broken record here, but see how early Asian breakouts never last.
AUDJPY is looking very strong now, this is why I prefer to trade trending markets.
in my view eurgbp highly correlated,this pair is good to trade at the start of the trend only and cad/chf,aud/nzd comes under this category.
It is true that the AUDJPY is at a horizontally significant level but the rejection that formed yesterday lacks conviction from where I stand. Looking to short this pair would be getting in the way of price action that has been steadily pushing this market up from the 74.783 area.
Still was valid considering it was the range top and there was an inside bar that formed before it. Anyway I didnât touch it because it was against recent momentum and I donât really take many range trades. Todays candle has rejected the 10 EMA, we may see a trend develop out of this if price keeps plotting upwards.
finally eurgbp has stopped out ,its exotic pair i dont take trade in live acc.
finally eurgbp has stopped out ,its exotic pair i dont take trade in live acc.
That trade was the biggest let down.
The weekly chart has a decent gap between the mean value and price. Thatâs a slap in the face for next time.
My face when I realize itâs NFP weekâŚ
I always get confused about the trend direction when it is as per attached chart for example. If you get a PA signal, which way would you go. Is there a strict definition to clear this situation in a clean cut!!! I will really appreciate some help here.
Well that market is not trending nicely, itâs just been throwing itself up and down but really getting no where.
I use the 10 & 20 EMA on my chart as a reference for price mean value in trends.
If price can maintain itself above the EMAs then we could see a bullish trend develop.
Thanks for your kind reply
How about this on the NZDUSD Daily for a pin bar false break of very strong resistance possibly targeting the bottom of the range? Comments pls!
outside bar has formed in eur/usd ,look for short trade,any thoughts âŚ
Kiwi lined up nicely on the daily. Any takers?
That trade is valid, also I did a post on dnbpriceaction.com about the outside bar on AUDUSD, we spoke about that here briefly. AUDUSD rejecting the top of the channel. If the channel pattern continues we could see prices move to the bottom of the channel where I would hold my trade and wait and see what sort of price action reactions we get at the bottom. Just in case the channel breaks.
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Wow, ok a clear false breakout of the channel top there, If I wasnât convinced AU wanted to go down before, I am convinced now.
A lot of similar signals across the majors EURUSD 270 pip range rejection candle. Given that itâs NFP session there is more volatility to come yet.