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.



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

  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?

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

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