Sometimes in trading, you see a good trade but you are waiting for the best possible place for entry. In that waiting game sometimes you lose an opportunity for a good trade. That kind of the missed trade possible occurred in the AUDJPY. After that, there was no pullback that could be used for it.
But is it a missed trade? Look at the chart above. Now we have a break above the 100 SMA (red line) 87.028 level and this is the valid daily close for an upside continuation. So now you have the valid support for an upside continuation because it is a broken hard resistance level. This is the place for your stop loss on the long trade entry. You need to choose, will you buy at the market, risking the daily upside break candle, or will you wait for the upside resistance break retest? In this kind of the upside reversal, it is too risky to wait for the pullback, so the market long entry is a better option.Â
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