On the 1h chart above, you can see that price has formed a mini Cup & Handle pattern, and is breaking above this level. It is also breaking above the first resistance trendline. I think a double-zigzag is forming from the Oct. 10th low, so I will sell if price gets to the next resistance trendline, around 103.75.10/19/2008
Trade # 27: USD/JPY Long
I am taking a quick long trade @ 101.86, stop @ 101.35. My target is 103.75.
On the 1h chart above, you can see that price has formed a mini Cup & Handle pattern, and is breaking above this level. It is also breaking above the first resistance trendline. I think a double-zigzag is forming from the Oct. 10th low, so I will sell if price gets to the next resistance trendline, around 103.75.
On the 1h chart above, you can see that price has formed a mini Cup & Handle pattern, and is breaking above this level. It is also breaking above the first resistance trendline. I think a double-zigzag is forming from the Oct. 10th low, so I will sell if price gets to the next resistance trendline, around 103.75.
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