AUDJPY Short on trendline rejection, divergence, gartley
The AUDJPY came up to the trend line which has held for a very long time and made a fairly sharp impulse down, indicating to me that there could be a significant move to the downside once more.
Waiting for a 50% retrace of the downward move to enter short. This would also give us a nice head and shoulders pattern.
RSI and MACD showing divergence, especially on lower time frames.
An upward trend line is forming which could provide support so I will keep a close eye on the price action should my trade be triggered and reach this point.
Lastly, there is a larger bullish gartley pattern forming which gives a little more bias to the downside.
Entry: 85.280
S/L: 86.180
TP1: 84.280
TP2: ????
Thanks! Good Luck!
Waiting for a 50% retrace of the downward move to enter short. This would also give us a nice head and shoulders pattern.
RSI and MACD showing divergence, especially on lower time frames.
An upward trend line is forming which could provide support so I will keep a close eye on the price action should my trade be triggered and reach this point.
Lastly, there is a larger bullish gartley pattern forming which gives a little more bias to the downside.
Entry: 85.280
S/L: 86.180
TP1: 84.280
TP2: ????
Thanks! Good Luck!
Trade attivo:
Price spiked due to bad data out of Japan, hopefully it is only temporary