AUD / JPY

jack

Administrator
Staff member
To kick off this pair discussion in the Interactive Trading board:

Looks like we're range bound lately (1 hour chart below), pressing resistance right now which failed to break twice before in the recent past..

 

jack

Administrator
Staff member
I'm probably not giving this enough room...



But I like how it's grinding along the resistance line in my previous post, I like the recent AUD strength in general across a few pairs, and if we make another attempt at breaking out of this range to the top side then I wouldn't mind grabbing a 3:1 off this.
 

sqa

Village Scribe
95.850 is something of a Double Sell Order Block, which is why the pair responded to it on the 23rd. So if it goes below, it's likely running back down.

I'm not a Day/Really Short term trader, so I don't "see" an entrance location for a Buy. I would be hunting a Short, but this pair has been an utter mess for the last week. A whole lot of Order Pairing.
 

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jack

Administrator
Staff member
I see the higher time frame sell zones.. but my trade was just a scalp on the idea that we test this resistance level hard for a possible break out. I mean, the stop was set at ~8.5 pips after all..

Price danced just in front of my stop level multiple times (I did say I probably should give it more room..heh) but we've moved up a bit and I'm past the 2:1 RR level, thus my stop gets moved to break even and I take a little off the table. The rest waits for my 3:1 target.

Funny enough, the 3:1 target is about where you marked the 'upside objective'.. well, technically it's ~96.20, but I'm aiming for slightly higher by a few pips..

Anyhoo, these are just general trading threads about named pairs. No specific method to adhere to. I'm just posting what I see, others can post their take on it, and some can chime in with ICT style setups, etc... :)
 

jack

Administrator
Staff member
Well, that took forever, but I got my 3:1 target (plus a few extra pips) hit and the trade is closed. :D :thumbsup:

(TP hit earlier, I was just checking up on it now to see what came of the trade given the AUD and China news coming out a 7 min after I posted this.. if it had not hit my TP or stop at BE, then I would have just closed it before the news release.)

Not bad considering it came close to stopping me out the entire first 2-3 hours I was in the trade.
 

TheRumpledOne

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!


May want to consider the AUD pairs considering they have moved almost twice their ADR...
 

SLT

Official GDayFX.com Rep
The first A - B has mass liquidity underneath it
The second a - b correctional looking rally looks suspect to me, about to give way
which supports elliottwaves "tool" theory
 

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