Friday, October 19, 2012

EURJPY Double Top Short Trade

myfxvoyage.blogspot.com EURJPY Short Trade
EURJPY H1 Channel
On H1 chart, price is constrained within a rising channel. There has been a break but price rebounded and closed above it. I am looking for break and close below this channel to go short. The channel looks steep and a break lower looks evident.




On a bigger daily time frame, price is still constrained within a larger rising channel. Currently price is testing upper trendline of channel and is bouncing south so far from previous highs. 


myfxvoyage.blogspot.com EURJPY Short Trade
EURJPY Daily
Below 3 developments also indicates a move lower:
-> Looking for consolidation after 6 days of continuation gains. 
-> The daily doji candl.
-> Double Top. Price rejected from previous highs.

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