trading the market in the channel using confirmation signal
Updated
hey traders,
we have a nice potential selling opportunity on dollar yen.
first of all, looking left we see that the market approaching a decent zone of resistance.
secondly, we see that from January the market goes up in an ascending parallel channel,
and has just touched its resistance line.
on a lower time frame we see very overbought rsi and formation of head and shoulders pattern.
I will be waiting for a bearish violation of a neckline.
My target will be based on structure around 111.2
and stop will be above head.
I also suggest you close half of your position when the market reaches 111.5.
good luck!
Note
going downTrade active
Note
Retest of necklineNote
test of right sholderTrade closed: target reached
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