AUD/JPY HEAD AND SHOULDER PATTERN!!!

2019年8月11日

Price Action (Technical Analysis): 4 hour time-frame we find price forming an Advanced Breakout Pattern. Price is consolidating at our Key Support Zone so we expect an exhaustion from price pushing down heavily to this rally. 1 thing we have in mind is that buy orders will be entering into this zone because of historical data shows us that this pair is buyer sensitive in this range. Reward calculation is presented on the chart which is ironically a few pips shy of our key retracement level for this downtrend. (61.8%) However, if price continues short breaking below our left shoulder, this trading idea becomes invalid and we will find our next idea with more appropriate market conditions.

Fundamental Analysis: None.