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U.S. Dollar / Japanese Yen
Short

trading the market in the channel using confirmation signal

By VasilyTrader
Updated
snapshot

hey traders,

we have a nice potential selling opportunity on dollar yen.

first of all, looking left we see that the market approaching a decent zone of resistance.
secondly, we see that from January the market goes up in an ascending parallel channel,
and has just touched its resistance line.

on a lower time frame we see very overbought rsi and formation of head and shoulders pattern.
I will be waiting for a bearish violation of a neckline.
My target will be based on structure around 111.2
and stop will be above head.
I also suggest you close half of your position when the market reaches 111.5.

good luck!
Comment
going down
Trade active
snapshot
Comment
Retest of neckline
Comment
test of right sholder
Trade closed: target reached
Head and ShouldersParallel ChannelSupport and Resistance
VasilyTrader
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