Tuesday, December 16, 2014
New Signal AUD/JPY
*Trade Update 2: As of 12/16/2014 @ 23:16 we covered the remaining piece of our position at 95.266 for 58.2 Pips gain.
*Trade Update: As of 12/16/2014 @ 22:07 we covered 1/2 our position for a 43 Pips gain, moving the stop to break-even on the remaining position.
As of 12/16/2014 @ 19:43
We have identified AUD/JPY as a short candidate on the daily chart. Looking at the 1 & 4 hour charts will yield the same downtrend, confirming our view.
Another strong decline during the last session saw the 61.8% Fibonacci retracement taken out easily and AUD/JPY should be poised to move lower targeting 94.850 and 94.540. Any trade in this pair should be on the short side as long as 96.970 resistance is not taken out, if so we will then view this pair in a more neutral light.
The Global Currency Scalper will be looking to short AUD/JPY if the 61.8% Fibonacci retracement is take out again by 10 - 15 Pips. We will be executing our short at 95.850 or lower to confirm the retracement level break. Stops will be set at the resistance mentioned above with profit targets around the figure of 95.000