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Thread: Trend Line Trading

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#5 (permalink)

05-06-2008, 09:43 PM

Ilya Spivak Ilya Spivak is offline

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Join Date: Mar 2008

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Quote:

Originally Posted by brad_1199

Here is a look at GBPJPY... There are two trend lines in play here. The first one has been broken already giving way to corrective price action towards the second trend line. A Trend line can be drawn on the bottom side of current price and cloned to be placed above the price to give price a corrective channel to move up into.. Bulls are in control until We get a breach of the bottom corrective trend line (RED LINE)

There is a Bullish Engulfing Candle followed by a Harami after the down trend confirming a reversal in price.

Looks good to me Brad - nicely done.

Ilya

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