Showing posts with label Kirkpatrick. Show all posts
Showing posts with label Kirkpatrick. Show all posts

Sunday, October 27, 2013

[USDJPY] How to trade the Coil...

I saw this potentially bullish Symmetrical Triangle Pattern formation for last few weeks in USDJPY & just thought to write about it a bit!



The Bigger Picture!

Let's look at the bigger picture...


If we look at the monthly chart of USDJPY, we can clearly see that this sexy lady is approaching a major bearish zone! I don't expect it to break this Resistance Zone in a single shot! Most probably we'll see a bearish correction once after the price action reach this multi-year resistance zone.



USDJPY was stagnating around this price level for last few months due to indecision among the traders about the future direction. We can clearly see a Coil or Symmetrical Triangle Classical Technical Chart Pattern in this greener circle. Let's zoom in! 

USDJPY Weekly Chart



How many of you believe this as a Symmetrical Triangle Pattern? 

Then, what about the Price Target ? 


x = x, isn't it? 

Let's see how it goes. And don't ever forget to have your stop-loss ;) 

[My Opinion] : 
USDJPY has the potential to reach 105.00-107.00 before next big downturn!
I can be embarrassingly wrong!

Good Hunting to you!

Sachith Sumanathilake
Sri Lanka