AUDJPY just had a great bullish rejection / sponsorship from a daily OrderBlock+ and has created a Mitigation+ block on 4H chart. When price comes to this area, we should look for a bullish entry.
Trade setup explanation
Monthly / Weekly / Daily are all bullish
- Monthly is up (but has just completed an objective)
- Weekly is up (no breaker yet)
- Daily is up, is mitigating a multi-candle OB+
- In discount area
- Inside daily OB (which was itself formed due to rejection from Daily OB+)
[Update] Apr 19, 11:30 PM PST
We had a nice clean rejection from Mitigation+ block, 1R was hit & we took off 50% volume as a partial profit. This trade is now risk free!
[Update] Apr 20, 8 AM PST
Price hit 2R objective and rejected from a 4H bearish FVG and fell down to hit my stop loss. This trade was a winner with 2R