Trade setups and other nonsense from Rob Booker, Currency Trader...
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Asian Session: Live Market Analysis
by Dr.S.Sivaraman
November 23, 05:00 GMT
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We didn’t talk specifically about selling this pair below the bottom of the channel (apologies), but like the other ones, this would have worked out nicely. Just wanted to show you how the Winnipeg lines do a nice job of stopping things on the breakout. By now, if you look at the other posts today, you’ll know more about how you can handle a move like this.
The FFWL (The Society for the Friends of Fibbles and Winnipeg Lines), of which I am the acting president, standing in for Harry Banes (main character in my book) while he’s on summer vacation, is putting out the following alert:
The NZD/JPY fell right outside its ascending channel and created a sell trade just like the CAD/JPY did. The sell comes on the close of the candle that falls outside of the channel. The Winnipeg Lines (the red lines outside the channel) give us our profit targets.
