AUD/JPY Selling Plan:
The selling trend in AUD/JPY began in early December, as confirmed by the daily timeframe. Subsequently, a 4-hour uptrend emerged, maintaining a sequence of higher highs (HH) and higher lows (HL) until the 28th of December when this uptrend failed.
Now, there's a possibility of a daily downtrend resuming, but there is currently a strong upward momentum. In general, if this robust upward momentum fails to establish a higher high (HH), I am considering a sell position. This decision is influenced by the fact that the 4-hour buyer's sequence has already experienced failures, raising the suspicion that the current movement might be deceptive.
The level at which I intend to sell is marked by the black rectangle. This choice is based on the last attempt within the rectangle to form a higher high (HH) or continue the 4-hour uptrend, which ultimately failed. The price has already touched this level, prompting me to closely examine the 15-minute timeframe. Specifically, I will be watching for a strong sell reaction or a failure in the current 15-minute uptrend. Once these criteria are met, I will initiate a sell position.
The selling trend in AUD/JPY began in early December, as confirmed by the daily timeframe. Subsequently, a 4-hour uptrend emerged, maintaining a sequence of higher highs (HH) and higher lows (HL) until the 28th of December when this uptrend failed.
Now, there's a possibility of a daily downtrend resuming, but there is currently a strong upward momentum. In general, if this robust upward momentum fails to establish a higher high (HH), I am considering a sell position. This decision is influenced by the fact that the 4-hour buyer's sequence has already experienced failures, raising the suspicion that the current movement might be deceptive.
The level at which I intend to sell is marked by the black rectangle. This choice is based on the last attempt within the rectangle to form a higher high (HH) or continue the 4-hour uptrend, which ultimately failed. The price has already touched this level, prompting me to closely examine the 15-minute timeframe. Specifically, I will be watching for a strong sell reaction or a failure in the current 15-minute uptrend. Once these criteria are met, I will initiate a sell position.