FX.co ★ AUD/JPY

Hello traders and congratulations on the new profit opportunities! Let's take a look at the AUDJPY chart on the H1 timeframe. I find the Parabolic indicator more suitable for identifying trend reversals. The current reading is 94.55. Let's compare it with the closing price of 94.40. The closing price of the previous candle is below the Parabolic indicator, indicating a potential selling point. Without the indicator, commonly referred to as Moving Averages, I would have made many incorrect market entries. It acts as a filter for my trades. Currently, its price is at 94.39. As I mentioned, the Moving Average is below the price, suggesting a good opportunity to open a buy position. I am waiting for one of the indicators to change its signal before making any trades. I am not trading at the moment. I suggest moving the stop order along with the price to avoid significant pullbacks. We can use the Parabolic indicator for this.

Now, let's switch to the D1 timeframe and apply the same approach to assess the market situation. Analyzing the prices on the daily timeframe: the candle closing price is 94.52, the Parabolic indicator is at 94.83, and the Moving Average is at 94.47. The daily candle closing between the Parabolic and the moving average indicates a balance between buyers and sellers, with no clear direction priority.