Pretty much a great ABCD on AUD/JPY. If it works out, it can go for a while.
We have two Fibs converging with each other and with the TL.
A Bearish engulfing bar that engulfs the previous 9 4H bars. That's 36 hours worth of ticks engulfed by just 4 hours!
Price has retraced just past the 61.8 of the BE 4H bar. Giving a very nice entry.
The Daily bar is an engulfing bearish spinning top thingy (not necessarily the ideal bar)
My stop is above the high of said bar.
My first take profit is just above a recent support level carved out on the way up to the TL, and a big round number of 75.00. The rest I'll hold on to for a while.
It may be safer to put the SL above the previous swing high, but I feel that the PA was so strong that if it is violated, the trade is dead anyway.
I also have a sell limit in place for a small piece should price pull back a little more and give a gartley entry.
We have two Fibs converging with each other and with the TL.
A Bearish engulfing bar that engulfs the previous 9 4H bars. That's 36 hours worth of ticks engulfed by just 4 hours!
Price has retraced just past the 61.8 of the BE 4H bar. Giving a very nice entry.
The Daily bar is an engulfing bearish spinning top thingy (not necessarily the ideal bar)
My stop is above the high of said bar.
My first take profit is just above a recent support level carved out on the way up to the TL, and a big round number of 75.00. The rest I'll hold on to for a while.
It may be safer to put the SL above the previous swing high, but I feel that the PA was so strong that if it is violated, the trade is dead anyway.
I also have a sell limit in place for a small piece should price pull back a little more and give a gartley entry.