AUDJPY DIDN'T MEET SHORTING CRITERIA, LOOKING LONG & HERE'S WHY!
If you have a look at my previous analysis on this pair, price seemed to have broken an ascending trendline, combined with other factors. I had reason to believe price would plummet. However, when it came to execution, price didn't meet the reasons I needed to enter short. I then changed my mindset and looked at the alternative.
Price on the daily has formed an Inverse head and shoulder's pattern which tells me that we're looking for positions to the upside. Furthermore, the was a break out from a weekly structure, again, telling me "long". Currently, price has broken past a level of resistance and I'm waiting for the momentum to exhaust and retest that area as new support before looking long.
A very nice Risk-Reward ratio.
Price on the daily has formed an Inverse head and shoulder's pattern which tells me that we're looking for positions to the upside. Furthermore, the was a break out from a weekly structure, again, telling me "long". Currently, price has broken past a level of resistance and I'm waiting for the momentum to exhaust and retest that area as new support before looking long.
A very nice Risk-Reward ratio.
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