AUDJPY Short Position

I have entered a short position on AUFJPY for the following reasons:

• 4 hour fib retracement to the 78.6% area, which has previously been a good area of resistance
  
• There is the formation of a double top at this 78.6% area, enphasising the potential for a downward push
  
• A glance at the 4H linear regression shows that price is currently above the mean and also shows a downward bias
  

My take profit has been set at the 0% fib level, which has been a strong area of support.

This trade gives a solid risk/reward ratio of 4.26.

Transakcja zakończona: osiągnięto poziom stop:

Moved SL to half risk over night and got stopped out.

Komentarz:

75.000 support seems strong.

Komentarz:

Only a 1% loss