Reaching Top of Major Falling Trend Channel, Final 2 Retracements Before Reaching, Long AUDJPY, 19th October 2016


AUDJPY H4, Reaching Top of Major Falling Channel

AUDJPY M15, Seven Wave Retracement Completed at FR61.8%

Technical Analysis:
Although the price is about to reach the top of the major falling trend channel, it is still more than 100 pips away thus an opportunity to long before the trend reverse.
The price since broken above a key resistance zone has retraced and gained, and then retrace once again, with 2 minor retracements completed at FR61.8%, boosting a probable rebound and continuation of appreciation.
Market Sentiment:
There is no immediate sentiment in whichever direction. Pure technical analysis with a general sentiment that aussie is still relatively strong as the central bank has no plans to cut rate.
Trading Plan:
Long with the profit made on previous trade after 2 minor retracements completed at 79.30.
TP1 at previous swing high 79.48, FR 161.8% at 80.37, and lastly the top of the major falling channel at 80.60.
AUDJPY.M15 20161019 trading plan.png

[19/10/16 21:18] Accidental closure of trade. Re-entry at 79.39.
[20/10/16 02:00] Stop loss shifted to FR61.8% as the price has broken above the retracement channel.AUDJPY.H1 20161020 mod1.png
[20/10/16 08:33] Full exit as Employment Change was weak and the price has dipped downwards, forming a resistance at 79.95.
Results: Gain 1.42%AUDJPY.M15 20161020 Result.png

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