Rising Parallel Channel

Launch Chart
KUNAL KAMBLE
AUDJPY
·
Feb 27 2023
snapshot
AUD/JPY

The Pair is forming a rising parallel channel. A rising channel breakout on the downside has a good success ratio and the failure rate is less than 15%
A breakout on either side will be an opportunity to enter.

Condition 1
Take Long position only if the Pair closes above the parallel channel in a daily time frame with RSI above 53, if the RSI is above 80 ignore. The Pair should trade above the EMA.

Condition 2
Take Short position only if the Pair closes below the parallel channel in a daily time frame with RSI below 40, if the RSI is below 20 ignore. The Pair should trade below the EMA.

Advice : Trade as per breakout.