While the Weekly chart is still valid, we have a good enough short setup at the moment. The pair has formed a setup on the 4H which indicates some selling pressure at the moment. are one of my favorite setups and they work consistently well. We also already got a retest of the broken structure (Grey area) and already showing downside momentum.
Have a look at the Related Ideas section to see how well this kind of setup has worked for me in the past specifically the AUD/JPY pair
My personal details:
Short @ Entry: 1.6790, SL: 1.6850, TP: 1.6690, RR: 1.67
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.