AUDJPY 4 hour chart, uptrend, pullback, target the range.

27 nov 2014

Ok so AUDJPY has had a pullback, it's a good time to play the range... we are buying after it has rallied off the lows. Now if you notice the trend has kind of a round look at the top... all the more reason to exit in the range. Need to be practical, we may experience lower lows, but that high range is like a magnet for the price here... and where better to place target than where the range ends with that spike up... so it doesn't look like great RR, but fact is RR is only one component in formula, that includes win percentage and determines edge... RR by itself almost a useless number. Another factor in this trade is that the USDJPY looks set for a bounce as well, it could even see new highs, so this will go with that... along with it is that although the AUDUSD made new lows, it snapped back fast, we'll see how that plays out.