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Forexian
Apr 14, 2020 3:27 PM

Aussie Yen, Selling the pullback Short

Australian Dollar/Japanese YenFXCM

Description

I just took a small sell position for either a short pullback or a longer-term correction as shown on the chart.

💬 Please let me know your perspective on this

Happy Trading & stay green! ✌️

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Comments
FXCM
How do you determine that the ascending wedge has already been formed?

We share the same view as you. but we didn't see that wedge
Forexian
@FXCM, Hi, thanks for your attention, usually I look at at least 2 factors, here we had 3 or 4;
1- It's about 61.8 area of retracement for the down move
2- We are touching the trend line on the channel shown on my chart
3- We had only one daily correction in the current up move, usually, they make at least a simple 3-wave correction
4- In MACD 4H there is a small divergence
transparent-fx
I have this overall view on audjpy
Forexian
@transparent-fx, Hi, thanks for your comment, it almost the same, but as AUDUSD was touching its trend line too, for this pair also was likely starting the down move right away
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