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A 1000 Pip Trade Setup | Buying AUDJPY
I don't always trade setups which have a 4 digit pip earning potential but when I do I make sure to review the trade idea very, very well before I enter it.
Looking over the markets early in this trading week I came across many different forex trade setups, but what stood out to me was the Australian Dollar, its giving me plenty of bullish indications, I looked over numerous AUD pairs and came across AUDJPY. Once I saw the potential on this pair I had to take a look at the JPY pairs too, they all pretty much showed the opposite of what the AUD pairs show, they showed YEN weakness.
I already entered a buy trade here on Monday (yesterday) and released a post on my social media pages (Facebook, LinkedIn and Twitter), but the good thing for you is that the pair made a retest of the bottom area, which gives you a few pip advantage over me!
Ok, let me get into the technicals, check out this zoomed out chart of AUDJPY's daily time frame before we go into the details.
(click on image to enlarge)
Lets start from the left of the image. As you see, there is a nice "Cup & Handle" chart pattern, this is a strong bullish price pattern and since we are right now at the bottom layer of the handle, it's screaming to me "EXCELLENT BUYING PRICE!!!"
Moving further to the right you will find the blue support and resistance levels, we are clearly using the support level now but we have one more excellent reason to buy, and that is the yellow highlighted area. Take a closer look in the image below.
(click on image to enlarge)
As you can see we clearly have a double bottom, which is connected to our blue support level. Further to this we also have a strong candlestick reversal pattern.
All in all this looks like an excellent buy trade to me and I am sure I stated plenty of reasons why this setup is solid, after all I am already in the trade (with heavy lots!)
In regards to the fundamentals, this Thursday at 00:30 GMT we get the Australian employment & unemployment data, followed by a speech by RBA Gov Lowe at 22:30 on the same day.
Oh, I almost forgot... I am looking to ride this all the way to 96.00 which is about 1.100 pips away from the current trading price!
Thanks for reading!
Peace out!
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