Descending Channel on CAD/JPY @ H4

A descending channel has formed on the 4-hour chart of the CAD/JPY FX pair and offers a bullish breakout opportunity. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The stop-loss is to be set to the low of the breakout candle (or to the low of the preceding candle if the breakout one is trading mostly outside the channel) - it isn't shown on this chart.

Trade geschlossen: Stop wurde erreicht:

After triggering a buy trade @ 105.408 on June 12 at 23:27 UTC, the pair hit my stop-loss of 105.057 at 6:09 UTC today.