Possible breakout in progress in AUD/JPY...?

xelite777

xelite777

This is the 5 min chart. If AUD/JPY touches the 92.33 support area once again and rebounds from there I will be buying, first profit target is 93.00.
(copycat traders, trade at your own risk)

aud_jpy_5_min.png
 
Quote from tradingjournals:

Did you analyze 92.57 as a possible resistance?
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Yep, there is some resistance around he 92.55 area, but hopefully the resistance line will be taken out.
 
AUD/JPY is at 92.30, a small 10 pip loss as far as my (open) position is concerned.

Now this is where the amateurs buy even more AUD/JPY, thus averaging down to a losing position.

Of course serious traders always add to a winning position, NEVER to a losing position.

Anyway, back to work.
 
AUD/JPY still going down (minus 20 pips so far on this long position), the Asian market makers are probably trying to flush the (long) weak hands who are trading this breakout... :cool:
 
Stopped at 92.05 (35 pip loss), which was the last pivot low before this false breakout occurred.

Never argue with the market.
 
Quote from xelite777:

I have a second signal now (not chart pattern based), shorting GBP/AUD at 1.8225
More...

GBP/AUD going down now...

Keep going boy, daddy needs a few new Armani suits :)

Armani21.jpg
 
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