AUDJPY (Next Week Long Setup)

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)