My Latest AUDJPY Short trade explained #forex
NOTE: This trade was published last week exclusively and privately to my followers
As you guys requested, i am explaining the rational behind my short audjpy trade,
On the left hand side overall view, on the weekly chart, the price was testing the main long term potential resistance area around 86.50. At that area i was monitoring the price for possible rejection as long term resistance and support levels are reliable. At the same time, the RSI was showing overbought conditions..
I was monitoring the price action on the four-hour chart(right hand side chart) for final trigger confirmation. Indeed, the price formed a bearish engulfing candle at that resistance area, meantime, the RSI on the four-hour chart was showing bearish divergence. Accordingly, i got the confirmation and placed my short order at 87.00. Which just reached target in the past hour as you all know.
Final result was around 145 pip gain nearly 4.5% return on capital.
Hope you enjoyed the ride :D
As you guys requested, i am explaining the rational behind my short audjpy trade,
On the left hand side overall view, on the weekly chart, the price was testing the main long term potential resistance area around 86.50. At that area i was monitoring the price for possible rejection as long term resistance and support levels are reliable. At the same time, the RSI was showing overbought conditions..
I was monitoring the price action on the four-hour chart(right hand side chart) for final trigger confirmation. Indeed, the price formed a bearish engulfing candle at that resistance area, meantime, the RSI on the four-hour chart was showing bearish divergence. Accordingly, i got the confirmation and placed my short order at 87.00. Which just reached target in the past hour as you all know.
Final result was around 145 pip gain nearly 4.5% return on capital.
Hope you enjoyed the ride :D
Trade chiuso: obiettivo raggiunto
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