Thursday, November 1, 2012

GBPJPY Daily Triangle Trade GBPJPY Short Trade
Pair GBPJPY is making out a triangle on daily charts. 

The first point of upper trendline comes at Apr-11 and  has restrained price since Mar-12. Lower trendline has restrained price since Jan-12 and has been tested once in June-12. 

Triangle is wide having aproxx 850/900 pips range. So trading pullback from trendline should be the strategy with a tight stoploss of break and daily close on other side of trendline. 

Currently the price is near to upper trendline and I plan to go short at around 129.50.

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