Sunday, 18 March 2012

AUD/JPY short idea

Market is coming close to the short term up channel line and horizontal resistance line. It's also 61,8 % of the total high - low (2007-2009).

Not quite sure, but also seeing bearish gartley on daily chart? High correlation with S&P, so drop in there will trigger a short selling here for sure, how likely is that to happen now?

Add your comments if you have any ideas.

Regards!




3 comments:

  1. Interesting...
    Could be even though the market is currently more bullish. Let's see ;-)

    ReplyDelete
  2. I like the pattern,very much, nice spot. Concerned about your V-point, the top of the spike doesnt make for good risk/reward ratio, assuming stop is at 90.00 you'll risk 55 to make 70. Is that why you've picked the congestion area around 81.50 as your V-point?

    ReplyDelete
  3. Hi Chaos. True, that was a spike, target around congestion area.

    We'll see...BoJ is not on my side at the moment.

    ReplyDelete