AUDJPY Technical Analysis December 1/2019
AUDJPY : A possible bullish pattern is visible on the Daily time frame. The blue bullish pattern still needs to make a push lower to complete point D at the BC 0.50% Fib. retracement level where AUDJPY can possibly bounce higher from. If price extends higher above the AB 2.24% Fib. level before reaching the BC 0.50% Fib. level then the bullish pattern is invalid and BUY setup is cancelled. If looking to trade AUDJPY traders should be patient and wait for price to make a move lower towards the minimum BC 0.50% Fib. retracement level. Waiting for price to hit the BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bullish pattern is invalidated if price moves below point B of the pattern. The pink 4 hour bearish pattern can trigger SELLS first where its possible the bears will push price lower towards the blue BC 0.50% level where it will be met by bulls and possible buying opportunities will be clearer to see. Click for 4 hour pink bearish pattern setup.
AUDJPY Daily Chart December 12.1.2019
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack