AUDJPY Short on divergence, breakout, advanced pattern
Hello all,
I think this pair is in a long term uptrend, but we have a good chance for a nice pullback here. I am already in @ 84.57. Excellent risk to reward.
Very clear divergence on both MACD and RSI indicates a slowing upward momentum. A minor trend line has been broken to the downside, a good entry would be any retest of this line. There is also a goofy looking gartley pattern which just completed a C-D leg at 88.6% of the X-A leg which can be seen by zooming out. The ratios on this pattern were not the best so I am not placing too much emphasis on it. I am much more interested in the divergence.
S/L @ 85.000
Target @ 82.625 (just above the first major resistance area)
If I can get a good price again, I may open a half position with a more aggressive target.
Thanks!
I think this pair is in a long term uptrend, but we have a good chance for a nice pullback here. I am already in @ 84.57. Excellent risk to reward.
Very clear divergence on both MACD and RSI indicates a slowing upward momentum. A minor trend line has been broken to the downside, a good entry would be any retest of this line. There is also a goofy looking gartley pattern which just completed a C-D leg at 88.6% of the X-A leg which can be seen by zooming out. The ratios on this pattern were not the best so I am not placing too much emphasis on it. I am much more interested in the divergence.
S/L @ 85.000
Target @ 82.625 (just above the first major resistance area)
If I can get a good price again, I may open a half position with a more aggressive target.
Thanks!