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Wednesday, September 9, 2009

GBP/JPY: New Channels In Hourly Chart

Since the pair has broken the downtrend channel, we gotta need new chart setup. Right then.. here you go. Please look at the screenshot. I started by connecting PL (previous low) and HL (higher low) to get the current uptrend trendline. Next, I draw trendline from PH (previous high) to HH (higher high). Then I make a parallel trendline of PH-HH from PL to get an equidistant channel. Wow..I'm a bit confused myself :D Bear with me for a minute ok. I also draw another trendline from HH to LH (lower high), and put a parallel one from PH (previous high) to create another channel. Phiuuhh... Man.. that was exhausting.. Maybe its better if you just take a look at the screenshot ;P Happy trading guys!