Here is another quick chart on AUD/JPY. This chart is a good example of how the Background Scanners in SMART can keep you on the right side of a trade and why you should always pay attention to signs of strength/weakness in the background.
Range when I started looking was neutral but we had multiple signs of strength (noted on chart #2) I started trading long after #2 I got my first in at 78.27. I scaled in at signs of strength (SMART Blue Bar) prior to #4 and again just prior to #5 It took a while to get out of the DZ but it hit 78.81 (I called the move to 78.80 in the live chat just prior to UK Opening)
We are now at 78.65 and a potential SMART Red Bar may be forming on H1. I marked my chart and will look to see in the AM. My target short term on the long side is SMART POC 79.20 ish but I may revise this depending on how things look in the morning.
I am now trailing and off to bed.
Good luck trading, and see you in the VSA chat
Please keep in mind SMART Trader itself is painting these bars which makes these patterns and setups much easier to spot and act on.
Trade setups are verified via our proprietary background scanners (included with the system).
For more information or if you have any questions about SMART Trader Volume Spread Analysis (VSA) Software please visit
SMART Trader at pipbuilders.com
Good luck trading.
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