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The two recent EUR/USD H4 descending channel patterns were rather successful for me. The USD/JPY D1 horizontal channel pattern is still in an active trade phase. Today, it’s time to look at the new channel pattern — the descending one on the USD/CAD H4 chart. It has enough lower …
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2849 | 1.2937 | 1.3048 | 1.3136 | 1.3247 | 1.3335 | 1.3446 |
| GBP/USD | 1.5454 | 1.5553 | 1.5684 | 1.5783 | 1.5914 | 1.6013 | 1.6144 |
| USD/JPY | 75.38 | 75.70 | 76.13 | 76.45 | 76.88 | 77.20 | |
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2626 | 1.2750 | 1.2984 | 1.3108 | 1.3342 | 1.3466 | 1.3700 |
| GBP/USD | 1.5355 | 1.5434 | 1.5579 | 1.5658 | 1.5803 | 1.5882 | 1.6027 |
| USD/JPY | 74.47 | 75.55 | 76.11 | 77.19 | 77.75 | 78.83 | |
A channel pattern has formed on the daily chart of the USD/JPY currency pair. While it’s not exactly horizontal, it can be traded as such without a problem because the slope is almost unnoticeable. The price has touched both top and bottom borders of the channel 3 times.
I set my entry stop orders …
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2360 | 1.2495 | 1.2714 | 1.2849 | 1.3068 | 1.3203 | 1.3422 |
| GBP/USD | 1.5080 | 1.5179 | 1.5377 | 1.5476 | 1.5674 | 1.5773 | 1.5971 |
| USD/JPY | 75.78 | 76.16 | 76.56 | 76.94 | 77.34 | 77.72 | |
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2318 | 1.2470 | 1.2572 | 1.2724 | 1.2826 | 1.2978 | 1.3080 |
| GBP/USD | 1.4928 | 1.5080 | 1.5195 | 1.5347 | 1.5462 | 1.5614 | 1.5729 |
| USD/JPY | 76.34 | 76.50 | 76.72 | 76.88 | 77.10 | 77.26 | |
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2205 | 1.2451 | 1.2584 | 1.2830 | 1.2963 | 1.3209 | 1.3342 |
| GBP/USD | 1.5009 | 1.5190 | 1.5306 | 1.5487 | 1.5603 | 1.5784 | 1.5900 |
| USD/JPY | 75.86 | 76.22 | 76.59 | 76.95 | 77.32 | 77.68 | |
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2625 | 1.2741 | 1.2849 | 1.2965 | 1.3073 | 1.3189 | 1.3297 |
| GBP/USD | 1.5043 | 1.5201 | 1.5373 | 1.5531 | 1.5703 | 1.5861 | 1.6033 |
| USD/JPY | 75.30 | 76.07 | 76.47 | 77.24 | 77.64 | 78.41 | |
| Floor Pivot Points | |||||||
|---|---|---|---|---|---|---|---|
| Pair | 3rd Sup | 2nd Sup | 1st Sup | Pivot | 1st Res | 2nd Res | 3rd Res |
| EUR/USD | 1.2735 | 1.2858 | 1.2950 | 1.3073 | 1.3165 | 1.3288 | 1.3380 |
| GBP/USD | 1.5135 | 1.5300 | 1.5443 | 1.5608 | 1.5751 | 1.5916 | 1.6059 |
| USD/JPY | 77.20 | 77.44 | 77.74 | 77.98 | 78.28 | 78.52 | |
Symmetrical triangles is often a reliable continuation pattern, but this time it continues a rather short-term trend, which can result in a tricky trade outcome. Anyway, it’s useful to monitor the USD/CAD D1 chart for both bullish and bearish breakouts, as both borders of the triangles are clearly defined and the pattern is …
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