AUDJPY Price Action Analysis – 27th Sept 2017
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AUDJPY has been bearish on the H4 and H1 chart. The price seems to have found a strong level of Support. The H1 chart suggests that the price is making a Double bottom. If we get an upside breakout, then the pair might offer us a buy entry later today. Let us have a look at the H1 AUDJPY chart.
As we can see that the level of 88.230 is a level where the price got bounced twice so far. The current candle seems to be a strong bullish candle as well. If this bullish momentum continues and makes a breakout at 88.600, then we might get a buying a opportunity on a pullback. First, we have to get the breakout. Then, the price comes back at 88.600 and produces an H1 Bullish Engulfing Candle. If these requirements are met, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 88.600
- Stop Loss Level: 88.200
- Take Profit Target: 89.300
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Since this is an ABC pattern, thus traders must wait for the pullback after the breakout. Many traders like to take entry right after the breakout though. That does not always offer a good risk and reward ratio. Thus, it is better to avoid taking entry with the breakout. In fact, that is another ball game. Over here, we have to get the breakout, pullback, and then the H1 Bullish Engulfing Candle to take our entry.
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