24/04/2012 Part 2 ….but some love from AUDJPY. Trade update.

Here’s a follow-up to my earlier post on trading the AUDJPY Head & Shoulder pattern using Binary Options.  You can read the earlier post here: http://wp.me/pFP6t-uu

In effect I had two barrier trades in place. A No Touch Barrier for 86.20 (at point 1) and a Touch barrier trade for 81.50 (at point 2)

The 86.20 No Touch Barrier also had a much shorter time window on it (14 days) and it closed out last night (23rd April) for a profitable trade.  I had my concerns last week when price printed a bullish engulfing candle on the 17th April however price never managed to get above resistance at 84.80 so the trade was left and closed out for a sliver under  25% profit.

The Touch Barrier of 81.50 is based on the standard TA interpretation of the standard target for a Head & Shoulders neckline break.  However the time window is open until 21st May so there is plenty of time for price to ease itself down to that level….if it wants to!

Because I’m better at analysing where price is unlikely to go as opposed to where it is likely to go the latter position is half the size of the first position.  I’ll update you as the trade plays out.

Until next time, trade well.

Paul