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Asian Session: Live Market Analysis
by Dr.S.Sivaraman
November 09, 05:00 GMT
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The EUR/USD fell outside the channel and hit the first Winnipeg level.
Here is the original trade idea.
Here is the current chart:
The trade opened at 1.5777 when it closed below the bottom of the channel.
The trade closed at 1.5586 when the pair hit the first dashed red Winnipeg line (an extension outside the channel).
Last post for today. For more forex-related postings you can also visit Piptopia.
Here is the 30 minute USD/JPY chart. It’s in a slightly rising channel. You can see that I’ve marked in red a few places in the chart, from which I based the channel. Can you see how you did not need two points on the bottom of the channel in order to draw the channel itself? You just needed the top portion and at least one "anchor" spot on the bottom.
In a rising channel, I am looking for some very simple things:
1. A buy when the pair hits the bottom of the channel.
2. A sell if the pair can close below the bottom of the channel.
Happy trading!