Broke Above Resistance Zone, 2 Minor Retracements, Long AUDJPY, 17th October 2016


AUDJPY D1, Price Reaching Top of Major Falling Channel

AUDJPY H1, 2 Minor Retracement Completed within Resistance Turned Support Zone

Technical Analysis:
The price gained and broke above a key resistance zone at 79.00, followed by 2 waves of retracement that completed within the previous resistance zone turned support.
In the D1 chart, the price is also seen appreciating toward the top of a major falling trend channel, thus expecting the price to resume appreciation.
Market Sentiment:
Trading Plan:
Long 1/2 risk due to late entry and another 1/2 risk after price retraced a little for a better entry price.
Stop loss set at 78.40, 20 pips away from the low of a probable 3rd minor retracement.
As price reach the swing high of the entire retracement at 79.71, shift stop loss to swing low.
audjpy-h1-20161017TP1 is seen at swing high of the entire retracement at 79.76 and lastly, at the top of the major falling channel at 80.59.
[18/10/16 22:30] Closed 1/2 position as price formed 2 equal highs and began to fall, signaling for a retracement.
[10/10/16 00:07] Close another 1/2 position as price may retrace further, making the 2nd wave of retracement.
Result: Gained 2.17%audjpy-m15-20161018-result

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