USD/CAD breakout setup

This situations looks looks like it could produce a good breakout. Tomorrow morning, Tuesday, I'll be lLOOKING for a breakout to the topside of the yellow trend channel, THEN continuing up, maybe a short live break of the top blue line of the larger blue trend channel. WHEN this that whipsaw happens, I’m going to try to take a short position off the bounce-- as the price moves back down through those two top trend channel lines.

http://zozem.wordpress.com/files/2006/12/042-usdcad.JPG

Here's an update on that USD/CAD situation. Looks like the price did break through the top of both both the yellow and blue trend channels.

I'm having some doubts about getting short now, as a reversal is not likely to happen quickly. It's generally a bad practice to try to time the exact turn around, as any new high or low is always tested once or twice. Sometimes three times.

We'll see.

Great trade

I was long from 1.1491 but unfortunately got stopped out at 1.1457 before it finally pushed through

Kind Regards
Steve