AUDJPY Daily outlook for 6th December, 2013
Daily Chart - Bearish
- Still in a down trend
- There is a divergence on stochastics
Hourly Chart -
- At the time of writing, it is struggling to go back above the 92.250
- Looks like its forming a Bearish Pennant? for continuation to the downside?
- or Looks like a Falling Wedge? for reversal? - bias towards this one as there is divergence in daily charts
Outlook Trade opportunity–
At this level trading is high risk because the current level is messy, and we are trapped in a pennat / wedge . However my bias is towards the upside due to the fact there is daily divergence,
So to trade this, i will be happy to take longs from the bottom of the wedge / 61.8% retrace from yesterday low to end of day highs., and target towards daily pivot.
Risk - HIGH
Profit to daily pivot is too little, at the time of publish my daily pivot levels was not showing .
ReplyDeleteMy target profit is at least 20pips from entry. will take half , then leave the other half on bias of breaking out the wedge to the upside
Have closed my trade at 20pips profit (just made it)
ReplyDelete