Tuesday, December 11, 2012

USDJPY Channel Trade

myfxvoyage.blogspot.com USDJPY Channel Short Trade
I am watching this setup from past few sessions. Previous post [here].

On Friday, price did went up to the channel's upper boundary but then backed off with same speed with which it went up. But I didn't took that trade being high risk even, NFP. 

Currently looks like price is going towards upper trendline again. I plan to go short on touch of upper trendline for a possible move towards mid/lower part of channel. My stop will be at 10pips above Friday highs.

A break of upper trendline brings focus to daily triangle's upper trendline which comes at 83.35. At that point, I plan to open another short. For daily triangle see [here].

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