Posted by: joetradingplace | April 27, 2012

Trade setups

Gbpjpy

Price has broken out of the lower TL, it has pulledback and formed a minor resistance, if the minor resistance holds, we will take a short position with our SL above the minor resistance (MR). But if the MR fail to hold, we will cancel the sell order and consider going long, because it will be a failed breakout trade.

Eurjpy

Same explanation as the gbpjpy trade above.

Eurusd

Price broke out of the lower trend line, failed to follow through and came back into the wedge…its a wait and watch for us…no action, we want to see more price action.

Swissy

Price broke out of the  trend line, failed to follow through and came back into the wedge…its a wait and watch for us…no action, we want to see more price action.

 

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