Thursday, November 15, 2012

NZDJPY Triangle Trade Setup NZDJPY Triangle Trade
This setup is on my radar from previous session .Details [here].

Price is bouncing towards the upper trendline after touching lower trendline. 200EMA comes near to upper trendline. 200EMA has been resistance-turned-support in this pair and is a good measure of trend direction.

I will be waiting to see how price reacts near 200EMA. I would like to go long on a break of 200EMA and upper trendline. On any substantial rejection from that area, I will be shorting the pair.
------------------------------------------------------------------------------------------------------------------ NZDJPY Triangle Trade
UPDATE ON 16-Nov-12: 3:40GMT: This long trade came out very well. I went long at break of the triangle' upper trendline at 65.30 and booked my long at 65.75. 

I think all the fuss around YEN will fade in coming days and all XXXJPY pairs will be back to previous levels.

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