Like using weekly setups for daily and shorter trading. Looking for a reversal at AUDJPY price too bullish on the weekly timeframe, once PA hits 70.500 will use a buy limit to enter with a 50 pip stop. You need to always have risk management number one in Forex as a trader.
My expectation is PA hit 72.000 to 72.500, which would give me a Risk/Reward of 1:3 to 1:4. (See Chart for details)
As of now, pip value for AUDJPY is around $9.50, so adjust your lot size accordingly, unless you are okay with a $500 stop loss with this setup.
As with ALL people's opinions and trade breakdowns, you must do your OWN if you want to be part of the 10% who trade for a lifetime. Goodluck.
Noted on the chart:
Pitchfork indicator
Elliot Impulse Waves (1,2,3,4,5) &
Pivot Points: PA is underneath S1 on Monthy (March) so it is oversold at this time, wait for PA to settle above S1 (conservative traders)
My expectation is PA hit 72.000 to 72.500, which would give me a Risk/Reward of 1:3 to 1:4. (See Chart for details)
As of now, pip value for AUDJPY is around $9.50, so adjust your lot size accordingly, unless you are okay with a $500 stop loss with this setup.
As with ALL people's opinions and trade breakdowns, you must do your OWN if you want to be part of the 10% who trade for a lifetime. Goodluck.
Noted on the chart:
Pitchfork indicator
Elliot Impulse Waves (1,2,3,4,5) &
Pivot Points: PA is underneath S1 on Monthy (March) so it is oversold at this time, wait for PA to settle above S1 (conservative traders)