I just saw a nice set up(triangle formation) on the 15min GBP/JPY chart. I believe that there will be a break out this week. I was wondering how do some of you enter when you see a triangle formation?
wait for the breakout or range trade after price tests the trend lines
Here’s an answer at the babypips school.
You could place limit orders either side of (above & below) the trendlines
then if it breaks south you have it covered, if it breaks north same.
As you have possibly seen it did break north at 0800 GMT for a nice
conservative +100 pips profit, trade management at your discretion.