A triangle has shaped here (click chart to enlarge) – descending triangles require a minimum of 2 rejections of a falling resistance and of flat support, and we’ve got that. Basically, when the bulls push up they get less ground every time. The suggestion is to keep an even more watchful eye out on this timescale for a break lower at 213.50. This is a much more high-probability trade than when the pair was sloshing about incoherently on Friday, do you see the difference in how now it is much more clear what is going on?GBP/JPY hourly descending triangle
January 6, 2008 by matkinson
A triangle has shaped here (click chart to enlarge) – descending triangles require a minimum of 2 rejections of a falling resistance and of flat support, and we’ve got that. Basically, when the bulls push up they get less ground every time. The suggestion is to keep an even more watchful eye out on this timescale for a break lower at 213.50. This is a much more high-probability trade than when the pair was sloshing about incoherently on Friday, do you see the difference in how now it is much more clear what is going on?