AUDJPY Trade Setup

I have found out that the "holy grail" of trading is PATIENCE & DISCIPLINE. The potential downtrend structure on the AJ had been there for some few days now but price stubbornly refuses to come down as traders continue to get head fakes to the upside. Price did not however make a new high, and thus the D1 pinbar I highlighted on my chart and mentioned on Forex Factory yesterday remained intact. There was no follow through on the H4 engulfing bar from the London open of yesterday and a CZ (consolidation zone) was thus created.

We have now gotten a trend change confirmation with an H1 & H4 Engulfing bars and price has continued to break lower as I type.

PATIENCE & DISCIPLINE is the key to unravel the mystery of forex trading. I missed the trade as I wasn't around when the break happened, and don't intent to chase trades as there will always be another trade another day!!! The PATIENCE is seeing the setup and watching for a potential trade and the DISCIPLINE is knowing when to enter or not enter, and when to let go if you miss it.

Shalom

DISCLAIMER
Please read the disclaimer on the home page