trading the market in the channel using confirmation signal

4 mar 2019

hey traders,

we have a nice potential selling opportunity on dollar yen.

first of all, looking left we see that the market approaching a decent zone of resistance.
secondly, we see that from January the market goes up in an ascending parallel channel,
and has just touched its resistance line.

on a lower time frame we see very overbought rsi and formation of head and shoulders pattern.
I will be waiting for a bearish violation of a neckline.
My target will be based on structure around 111.2
and stop will be above head.
I also suggest you close half of your position when the market reaches 111.5.

good luck!

4 mar 2019

Nota

going down

4 mar 2019

Trade attivo

4 mar 2019

Nota

Retest of neckline

5 mar 2019

Nota

test of right sholder

8 mar 2019

Trade chiuso: obiettivo raggiunto