Resistance up at 0.728 - high of 25/11/2016 LSh (see below) and high of 15/12/2015. Xmas Head & Shoulders pattern. Sell break of bullish TL set up from 17/12/2015 Trade: Short @ break of 0.7253, SL 0.7284, TP1 0.7123 Look to add/enter into bearish TL set up on 15min stochastic Bear - Double top 04/12/2015*, Bear - Head & Shoulders (~3 weeks) LSh 25/11/2015,...
Broke bullish TL Moved SL into profit 0.9950 Original trade from Short @ 0.9947, SL 0.9970, TP1 0.9914 (took half)
Potential head & shoulders set up over the last 15 months Left Sh Dec 2014, Head Jun 2015, Right Sh Dec 2015 Last 2 month H&S refer to USD/JPY TRADING PLAN - PAT MORITA PATIENCE 2 Left Sh Nov 2015, Head and Right Sh Dec 2015
Bear - Double top 04/12/2015*, Bear - Head & Shoulders (~3 weeks) LSh 25/11/2015, Head 04/12/2015* RSh 10/12/2015, Neckline break 13/12/2015 Bear - Head & Shoulders (~1 day) Note Bull - Long term bear TL eroded (05/09/2014, 14/05/2015, 12/10/2015)
Potential 3rd point on bear TL Double top - 16th Dec & 22nd Dec
Potential 3rd point on bear TL Could coincide with double top using Oct high (similar pattern occured on AUD/USD) Waiting on for set up to get short
Short position 5 point on bearish trend line (discounting false break from interest rate volatility) False break did set up a head and shoulders pattern Short term trade as my medium/long term view still north.
Rally above Jan's high Broken bearish trend line set up from 2003 Weekly stochastic TL set up... waiting on 4th point
Very simply waiting on trend line 4th points to initiate long position as we hang around the 120 mark. I got ripped up in Sep's volatility but benefitted from 4th point bearish trend line short that set up the head and shoulders pattern last week. Waiting on next dip to set up long.
Double Top Daily trending south Double TL support break Potentially heading towards support TL sub 71c