This is potentially a very bullish pattern on the AUDJPY, targeting a move into the high 87’s over the next several weeks. Trades should be entered on strength above the trendline (roughly 82.00 in today’s trading) against a stop somewhere in the 77.00-79.00 area. (Remember, a closer stop is more aggressive.) Initial profits could be taken at a point equal to one times the initial risk on the trade, with further reductions as the trade plays out.
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The chart looks nice, but entering above 82 with SL at 77 and Target 87 would yield reward/risk of 1/1 only. Why not e.g. SL 81.50 with R/R 10/1 and re-try if your stopped out?
How do you prioritize your trades? There are a lot of set-ups, a few may look worse than others, but may have a R/R of 5/1. Any thoughts?
Do you always trade on the same time frame or try to have a mix?
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