Upcoming GBPJPY Triangle Breakout Trade- 4H TF

[soul786]

After opening my first live account, I hope to place a winning trade easier said than done? Only one way to find out:

Here's what I'm watching. GBP/JPY on a 4H timeframe. Trendlines shown are drawn from the DAILY chart. Going to the 4H simply gives me a more precise entry.

The triangle breakout has formed and PA is acting accordingly. LONG entry signal is a break (and close) of the upper trendline while a SHORT entry signal is a break (and close) of the lower trendline.

I am not waiting for only a break as reversal may occur.

There is more than 150+pips of profit room on either the long or short trade. Likely to be holding the trade over a few days. SL will be placed at the most recent swing high/low depending on position taken.

Any opinions on the anaysis? I'm new and still learning, only one way to get the feet wet. I will follow this trade and post it here for results. See attached chart.

[lowy]

I am watching this too .. But Unfortunately this pattern is about to be invalid as price exceeded more then 85% of the triangle and approching to the apex . If a breakout doesn't occur in the very near time for me its invalid .
Any way price have been consolidating for a long period and there is a possibility for a good move soon .


Best of luck in your first trade

[kalesh]

Although I don't trade (and have not tested on G/J ) in my opinion it should be an upbreak and a strong one at that because a previous trendline break (upward) has not completed. So even if it is a downbreak it is likely to be a short one. BTW I'm basing my analysis on daily TF

[ruilima22]

to me right now the GJ looks very unatractive.

the PA is just going crazy. is very possible that the break of the trendlines is just one more unstable move like its being doing.

IMHO there´re better pairs to your first trade right now