Tuesday, January 22, 2013

CHFJPY Hourly Triangle

myfxvoyage.blogspot.com CHFJPY Triangle Trade
A triangle trade is coming up in CHFJPY pair on hourly charts. 

Upper trendline is connecting highs of 14-Jan and 21-Jan. While the lower trendline is connecting lows of 9Jan & 16Jan. Price is currently sitting at 200EMA and looks like price is consolidating after recent Yen weakness.

Triangle is about 130/140 pips wide, so a inside pullback from triangle boundaries can be traded for short term.

I favor a consolidation in XXXJPY pairs and would prefer short moves with tight SL. I would like to go short on touch of upper trendline on any spikes with a 20pip stop.

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