I have a few questions about this chart.
1.) Have I put the Support and Resistance points at the correct place? If not what should they be and how do I determine this?
2.) Are the 2 trendlines drawn correctly?
Also, if these are correct what would be the best way yo trade the breakout on either side? For instance, if would it be best to place an order to buy @ 157.70 and then another to sell @ 157.95 or would this be to close.
http://www.ndsky.net/images/eur-jpy.gif
1.) Have I put the Support and Resistance points at the correct place? If not what should they be and how do I determine this?
2.) Are the 2 trendlines drawn correctly?
Also, if these are correct what would be the best way yo trade the breakout on either side? For instance, if would it be best to place an order to buy @ 157.70 and then another to sell @ 157.95 or would this be to close.
http://www.ndsky.net/images/eur-jpy.gif