Friday, December 6, 2013

AUDJPY Daily outlook for 6th December, 2013

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



2 comments:

  1. Profit to daily pivot is too little, at the time of publish my daily pivot levels was not showing .
    My 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

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  2. Have closed my trade at 20pips profit (just made it)

    ReplyDelete