Will AUDJPY be bullish or bearish this week?
AUDJPY Bias is a great tool for anyone who wants to be a successful trader. For this reason, we try our best to pinpoint the bias. The sad truth about the market trend is that the market moves in both directions each week and each day, just that it moves in one direction better compared to the opposite direction. So the best thing for us is to simply choose a bias we want to work with and have our strategies to back it up, i.e., a trading plan.
My trading plan for the above-listed pair is bullish, and this is simply because that's the current trend in the higher timeframes, i.e., weekly and daily. Next, I dropped down into a 1-hour timeframe for a bullish break of structure and also identified the orderblock responsible for the upward move. Then, I dropped into the 5-minute time frame, and alas, I saw a bullish market structure shift that occurred after the price dropped back into the order block.
Whats next?
I'll be expecting price to sweep the Asian session low first and then break Asian session high and I enter a buy after the break. Asian session occurs between 0 to 4 a.m GMT or UTC
Uwaga
So, price has swept the low, and we have gotten a break of structure even before the Asian session ended. What is my next move? I will WAIT for a retracement into discount to take the internal liquidity. i will then buy during London session, which starts around 7 GMT or the New York session, which starts around 1 GMT.Uwaga
Asian session high has been taken out, buy at break or wait for a retracement. My target is 97.900Till next time
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