The following is the USDJPY hourly chart as of Feb. 13, 2010, around 1 PM. If you observe the chart you can see that it is going in a channel. The channel might be broken at any time and once the channel is broken with a strong candlestick its a good opportunity to enter the trade. what do you guys say?
Check the following picture.
USDJPY moving in channel
The following is the daily chart for USDJPY as of Jan. 21st, around 11PM EST. If you observe the chart you can see that there are two resistance lines and the chart has crossed the trend lines with two strong bearish candlesticks. The second one is not completed yet. But if the second one is completed with a strong bearish candlestick I think its a good opportunity for a sell trade. What do you guys say?
USDJPY Daily Chart
The following is the four hour chart of USDJPY as of Jan. 17th, around 11 PM EST. If you check this you can see that there is a head and shoulders format is formed and now the currency pair is moving at the neck line. If the neck line is broken with a strong bearish candlestick I think this is a good opportunity to enter a short trade. I think the breaking will occur at the beginning of the London Market. What do you guys say about this trade?
USDJPY Four Hour Chart:
USDJPY Head and Shoulder Format
The strategy is very simple and works very well. You can find a lot of trading opportunities using this strategy. This strategy involves only parabolic SAR indicator with default settings. Indicators: Parabolic SAR with default settings (Step: 0.02, Maximum: 0.2) Time Frame: Hourly But you need to observe the parabolic SAR on the higher time frame of daily chart. Markets Sessions … [Read More...]
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