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Old 07-29-2009, 08:54 AM
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GBP.JPY Channel

This is a broadening pattern on GBP.JPY . The pair is making higher highs and lower lows and is normally considered a continuation pattern





Well see if price stays within the channel lines or breaks out soon enough.


Walker
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Old 07-29-2009, 09:29 AM
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Taking a look now, we can see price reached our trend line and is consolidating.



MACD is folding over nicely as well .

Walker
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Old 07-29-2009, 10:08 AM
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First Targe

So far the channel has proven solid. Our first target at the 23.6% fib has hit.





Generally at these points I like to cut half my position and bump stops to break even and let the trade run from here.



Walker
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Old 08-06-2009, 10:40 PM
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GBP/JPY definitely broke out. Is a breakout typical in this circumstance?

Given the situation, the pattern would grow wider and wider if the range continued. Which way would be the better guess for the breakout direct?
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