Right now the time is 11PM, Nov 24th, 2009. The following is the EURAUD hourly chart. I have drawn a channel using the tool “Equidistant Channel” in metatrader. If you observe it, it looks like this EURAUD currency pair is forming a channel. In another four hours the london market starts. That time if it reversers back at the bottom line then I would like to enter a long trade. If it crosses the trend line with a strong bearish candlestick I would like to enter a short trade. What do you guys say?

EURAUD channel trading:

It looks like EURAUD currency pair is going to form a channel

EURSUSD and USDCHF were in channels for some time? Now it looks like they are breaking the channels. What do you of these trades if I enter a buy trade for EURUSD and a sell trade for USDCHF? will they work?

EURUSD channel:

EURUSD was in the channel for some time and looks like it is breaking now

USDCHF Channel:

USDCHF was in channel for some time and looks like it is breaking now