I've just opened a trade on AUD/JPY long. This is a medium term trade setup, where the risk to reward looks promising. I am unable to post charts due to some error by blog.
Looking at the daily chart of AUDJPY, we have confirmed 89.50 level is a rigid support, after observing Double Bottom. I would like to consider Long entry for this pair.
< Imagine here's a 4 hour chart of AUD/JPY >
Aggressive entry will be right after Higher Low. You could wait for Higher-High, followed by Higher-Low, as an entry. But it would be more than 92.70 ish, which I think is way up high. Thus I would enter from the next Higher Low. I think this trade would be very good one for Carry Trade as well as Swing Trade.
Looking at the daily chart of AUDJPY, we have confirmed 89.50 level is a rigid support, after observing Double Bottom. I would like to consider Long entry for this pair.
< Imagine here's a 4 hour chart of AUD/JPY >
Aggressive entry will be right after Higher Low. You could wait for Higher-High, followed by Higher-Low, as an entry. But it would be more than 92.70 ish, which I think is way up high. Thus I would enter from the next Higher Low. I think this trade would be very good one for Carry Trade as well as Swing Trade.