AUDJPY: BREAKOUT IN BULLISH FLAG PATTERN, WAITING FOR RETEST 4HR
Hello Traders,
We've been getting several flag patterns lately, mostly in Aussie pairs where the base currency is Aussie. So here we have another valid bullish flag pattern on
AUDJPY, where we just got a huge breakout to the upside. This type of breakout was mostly due to the 2 high impact news events that came out yesterday (Nov.11.2015) @ 7:30 pm from Australia. It was the "Employment change" news where the actual value (58.6 K) was significantly higher than the expected value (14.8 K), which might have seemed to cause this huge of a move. See the chart above for more details.
NOTE #1: Watch for the key level @ 87.252 could act as good support level !!!
NOTE #2: The previously posted valid bearish flag pattern on this pair has been invalidated by the market (Link under the related ideas section) !!!
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter as well: moneymaking2016
We've been getting several flag patterns lately, mostly in Aussie pairs where the base currency is Aussie. So here we have another valid bullish flag pattern on
AUDJPY, where we just got a huge breakout to the upside. This type of breakout was mostly due to the 2 high impact news events that came out yesterday (Nov.11.2015) @ 7:30 pm from Australia. It was the "Employment change" news where the actual value (58.6 K) was significantly higher than the expected value (14.8 K), which might have seemed to cause this huge of a move. See the chart above for more details. NOTE #1: Watch for the key level @ 87.252 could act as good support level !!!
NOTE #2: The previously posted valid bearish flag pattern on this pair has been invalidated by the market (Link under the related ideas section) !!!
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)
Follow me on Twitter as well: moneymaking2016
Note
UPDATE #1: Hello traders, the 87.252 support level is holding for now, got nice hammer formation at that level. Still waiting for the re-test of the broken level. Note
UPDATE #2: Hello Traders, we just recently got a re-test of the broken flag pattern. But the re-test was made with a gap in price action as the market opened today. So the validity of the retest is questionable. We still could potentially go long on this pair, probably with smaller position size, with stop loss placed couple of pips below the recent re-test candle (green). Trade closed: target reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.