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Day: June 2, 2013
June 22013
EUR/JPY — A Week-Long Rectangle on H4 Chart
While the position opened using the bullish pennant pattern breakout on EUR/JPY is still running, the currency pair formed a new figure on a shorter timeframe. The rectangle, which spans from May 24 and is about 200 pips high, is a two-way breakout opportunity. The pattern is clearly visible on H4 chart. The image below shows the rectangle with two horizontal yellow lines. At the distance of 10% of its height, the cyan lines […]
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June 22013
EUR/AUD — A Really Long Ascending Channel on Daily Chart
Today’s EUR/AUD pattern can be traced back to April 24, and the pair’s growth totals nearly 1,000 pips in that period. There have been numerous touches of both borders to confirm the validity of the channel. The biggest problem with this chart formation is that it does not follow a descending trend, whereas classical ascending channel is just a temporary correction for a bearish rally. Nevertheless, I will trade this […]
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