Wednesday, November 14, 2012

NZDJPY Triangle Trade NZDJPY Triangle Trade
Pair is making out a triangle on hourly timeframe.

Near to upper trendline comes 200EMA which has been resistance-turned-support. A break above this 200EMA and upper trendline should send the pair higher.

Currently price is coming down after testing 100EMA. Looks like a down break of triangle is coming. On a break on lower side, lows of last week comes into picture. 

My strategy is to short the pair as-near-as possible to 200EMA, near the upper trendline.

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