AUDJPY Counter Trend Strategy – 7th Feb 2019
We have a pretty drastic drop in AUDJPY on the H4 chart. AUDJPY was moving up quite nicely in a steady up trend when the bears decided to just jump of the cliff and wiping out all the gains. Based on our Super Forex Launcher System, the bottom might be near. But we are still going to approach this with caution. Trading counter trend strategies can be highly rewarding but it can also be risky… it’s like trying to catch a falling knife if we enter a little too early.
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The current price seems to be holding well as well as it’s now at the bottom of the trading range. To enter into this reversal trade, we want to see the bulls commit to this upswing. And that just have to mean that the Bulls have to break above the previous bar. Let us have a look at the summary of the trade…
- Buy Stop Order: 78.200
- Stop Loss: 77.800
- Take Profit: 78.700
For stop loss, we have entered slightly below the price (2 Bar ago). And the Take Profit target, we entered using the previous support and now resistance level. Do use a conservative lot size like 0.01 for every $1000 in your account. Good luck in this trade. Let us know in the comment below if you have questions.
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