AUDJPY H1 – Trading the Trend +96 Pips
1. The important in the trendline setup is that there is no significant supply recently, that could turn the trend down. In AJ there was some selling when there was a rally attempt, but since the volumes weren’t that high, they were no reason for concern.
2. Wait for a long entry bar, shown by the volumes histogram above the histogram bars. Here they were low spread down bars, but there are others, like low volume down bars, tests, etc… There were actually 2 supports to choose to where to place the stoploss, but the support at 94.306 is more significant, and it wasn’t too far away, to keep a good R:R.
3. Exit in a weak minor signal (minor no-demand) when prices are approaching a previous long-term resistance.