rludvik

CADJPY - channel, double top & Fib play

FOREXCOM:CADJPY   Canadian Dollar / Japanese Yen
Nice drawing, let's see it we can make some money out of it.
Pair is climbing to resistance area in a nice channel (which act as a support few time last year - see bigger picture below). Looking at this channel we can see similarity in moving. Currently it's in area for double top pattern, from where it could retrace and then continue its way up to the channel top.
Let's see how it will start on Monday. Maybe we can harvest some pips already on the retrace.

Bigger picture for reference:

Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
Jan 28
Trade active: Shorted here, SL 25 pips, target 30 pips.
Jan 28
Comment: Added T1 at 30 pips and if it will reached and conditions will be OK, I'll try to squeeze some more pips out of it.

Jan 28
Comment: 2/3 of trade closed at T1, for the last 1/3 I set trailing SL with initial value at T1 from here.
Jan 28
Trade closed: target reached: Also last third closed at T1.
Jan 28
Comment: OK, let's try to catch wave up:

Jan 28
Comment: This was triggered only on chart, real order was not filled in. Probably because of spread?

Jan 30
Order cancelled: Runaway! Missed this ride.
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