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.
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 .
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
easier said than done? Only one way to find out: