Reply To: Trade opportunity?
I havnt posted a battle plan in a while, so thought i would show you one for tonight that i plan on trading tomorrow. Got 2 markets I am looking at, and the first is USDJPY, I took a long position in this this morning and got lucky with the news popping me up to guarantee profits (completely forgot about it and its becoming something i must practise on).
However, I’m looking to add to this because the market has broke through what i would regard as a major counter trend line and if you look at the way USDJPY moves, the market tends to coil up and then go bullish again time and time again. It has taking a flag continuation pattern which you can read here. http://www.investopedia.com/university/charts/charts6.asp
From the battle plan, I have marked with black lines everytime the market has done this. The red line marks where i hope to take profit at.
I am also looking to go short on the AUDUSD. Its a very simple trade, the market is bearish and shows Fibonacci levels retracing to 38.2 from the impluse, and look to take profits 161.8 level.