AUD/JPY - SHORT
AJ looking clean this morning, we had a 1,2,3 type ascending structure which wasn't the cleanest but the HVA (High Value Area) of the DT (Double Top) was enough for me to take this position.
What confirmed entry?
- HVA
- Evening Star (Candle Formation)
- DT
- 1,2,3 structural approach can be seen, although not the cleanest
- Clear target
I think it's important to remember that we trade off price action, take into account how the evening star closed, there is no wick and it closed strong. Also it is important to do top-down analysis, on the Weekly or Daily you would be put off by the momentum, only when you drop down to the 1HR you can see the slow, corrective phase towards the highs. My entry is a little bit below the close of the evening start due to spreads.
Have a great day all, I will update you on any other positions I take.
What confirmed entry?
- HVA
- Evening Star (Candle Formation)
- DT
- 1,2,3 structural approach can be seen, although not the cleanest
- Clear target
I think it's important to remember that we trade off price action, take into account how the evening star closed, there is no wick and it closed strong. Also it is important to do top-down analysis, on the Weekly or Daily you would be put off by the momentum, only when you drop down to the 1HR you can see the slow, corrective phase towards the highs. My entry is a little bit below the close of the evening start due to spreads.
Have a great day all, I will update you on any other positions I take.
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