Good morning Forex Kings,
Wow what a crazy day yesterday, personally one of the best I have had.
There has been some confusion placing trades on indices, I will do a quick webinar today on placing trades on the SP500.
Also, please make sure you all have your notifications switched on for telegram. As you are all aware the market moves very fast, the quickest way for me to get information out to you all is via telegram. Yesterday was very active and today appears to be setting up for more of the same.
Today we are pretty much selling anything AUD related. Australia is reporting its unemployment figures at 11:30am, so make sure you are watching the charts around then.
Even if this result isn’t as bad as the forecast, it will provide an opportunity to sell down any spikes in the market. The following month unemployment data is guaranteed to be worse than todays result.
AUDJPY has broken a trend, therefore we will look for sell positions on the pair.
AUDJPY – 4 Hour Charts
4 hour charts are showing a broken wedge formation. The USD and JPY are strengthening across the board as recession fears return and US corporate earnings suffer.
AUDJPY – 1 Hour Charts
Trade Setup – SELL MARKET ORDER (current price 67.77) Stop loss set at 68.57 and take profit 66.60
Stop Loss: 80 PIPS
Take Profit: 117 PIPS
Once we get a break below 67.50, you can look to add a second position (if you want to).
If you are watching the trade, you can also leave your take profit left open and close when you are happy!