AUD-JPY MASSIVE LONG|STRUCTURE ANALYSIS|TRADING PLAN

18 Agu 2020

The pair has broken up out of the downward channel where its been for a while and has now formed a bullish triangle on its way up, below the structure resistance. Given the bullish momentum and the setup, our target trade is a long, but with conditions.

TRADING PLAN:


1-IF there is a breakout upwards

2-Wait for it to be confirmed

3-Go long on a retest

4-Take profit levels are on the chart

5-SL below the horizontal level

Alternatively, IF the triangle gets broken downwards, with both support lines broken too, then one might be interested in going short, with SL above the horizontal resistance. This trade however, has lower probability and is less secure, as the setup will be less clear. Use your own best judgement and look at the price action.

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