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Asian channel breakout at the european opening

Posted on June 24, 2009 at 5:15 in Market comments, Technical Education by David Aranzabal

Today we got a very clear pattern that happens very often at the European opening. The price was playing through the boundaries of the Asian channel and finally broke the Asian resistance. Let’s review the trade (GBP/USD):

1. Price makes a 123 figure at the Frankfurt opening.

2. Price breaks the descending trendline (first entry opportunity)

3. Price breaks the Asian resistance (second entry opportunity)

4. Price retraces after the breakout and “rests” on the EMAS (third entry opportunity)

5. Stop below the previous swing low

6. Partial profit taking and targeting the 60 m. resistance and round number 1.6500 for the runner

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