Palmer,
I agree with you fully as I have the same trend lines on my chart as well, one thing that made me take a long position the minor trend on the 4H and as you mentioned the double top, I felt that price might give it another shot and try to exceed the double top..........
On the USD/JPY I took a trade on the 4H as price had been riding the 8ema.....and on my daily chart, it had broken a daily trend line, retested it and bounced off of it but I also had another trend line which made me kind of on guard as Palmer has posted on his USD/JPY chart, I had the same trend lines as well.....My entry is on the 1H and I had a tight stop incase we had resistance above. I had to go away from the computer for a few hours but when I came back, price had bounced above recent highs and I was in the positive so I closed 2/3 of my position, the last one is at BE with 45 pip trailing stop.........
What a move on the EUR and the GBP......
We broke through a major daily trend line on the EUR.....I was sitting on the sideline but maybe this is a start of a new trend to the downside to test 1.2300 which I will then wait for the gap to be filled and see from there.
I agree with you fully as I have the same trend lines on my chart as well, one thing that made me take a long position the minor trend on the 4H and as you mentioned the double top, I felt that price might give it another shot and try to exceed the double top..........
On the USD/JPY I took a trade on the 4H as price had been riding the 8ema.....and on my daily chart, it had broken a daily trend line, retested it and bounced off of it but I also had another trend line which made me kind of on guard as Palmer has posted on his USD/JPY chart, I had the same trend lines as well.....My entry is on the 1H and I had a tight stop incase we had resistance above. I had to go away from the computer for a few hours but when I came back, price had bounced above recent highs and I was in the positive so I closed 2/3 of my position, the last one is at BE with 45 pip trailing stop.........
What a move on the EUR and the GBP......
We broke through a major daily trend line on the EUR.....I was sitting on the sideline but maybe this is a start of a new trend to the downside to test 1.2300 which I will then wait for the gap to be filled and see from there.
Keeping Life Simple