Trade 9 – AUD/JPY


audjpy1Reference on the weekly timeframe

audjpy2Similar set-up on most currencies paired with the JPY. A triangle consolidation formation formed at the 87 resistance zone. Traded the break out with momentum, didn’t buy on the dips.

Entry can be considered late as official pullback, albeit a very shallow one, within the 3399 TAZ has occured but waited for confirmation due to the short pullback and consolidation.

Range ››› Crossover ››› Breakout ADX>25 ››› Pullback ››› Triangle ››› Entry on breakout

Not the conventional trigger but waited for confirmation. Could have entered earlier if I’m honest.

1% capital risked for potentially 4R.

Entry: 88 | Stop loss: 86 | Target Profit: 96

Psychology and emotions – As mentioned, felt that I could’ve entered much much earlier. But then again, this could be due to hindsight. Still confident in the JPY analysis.

Trade Management

jpyAs seen on the 4H, the stop order at 88 is late (or too early) and it entered with the momentum. Well it was based off the daily triangle, so be it then.

If price retraces back to the 87 zone, where resistance should turn support + 1545 TAZ, look to add long positions.

jpyaddeddaeADD: Limit order triggered within 1545 TAZ.

1% risked with a potential of 8R.

Triangle Range ››› Crossover ››› Breakout ADX>25 ››› Pullback ››› Entry

Entry: 87.1 | Stop loss: 86 | Target Profit: 96

Psychology and emotions – Automated limit entry order. At the time of writing however, enduring a massive headache due to the flu. The decision to open this position has nothing to do with it though.

updaudjpyUPDATE Seems like the triangle resistance has turned into support.


stoppedaudjpyStopped out. Definitely a TERRIBLE place for a stop loss. Expected the break out but it never happened. Upside potential still intact though.

Update (Review)

audJPY (-).pngThe market never fails to amaze. Was there even a triangle? At least we can agree that it was in an uptrend. And stop loss placing was terrible.

auuuuddddjpyNow I remembered why I dunked drawing trend lines and channels… Might be suffering from analysis paralysis now…

auddjpyAnd all of these might just be wrong or useless is making trading decisions…

More Updates

update audJPY (-).png86 was definitely a horrible place for a stop loss…

Uptrend still very much intact and what are you doing, get long already!