GBPJPY: Descending Symmetrical Triangle & Fall From Major Resist
Updated
GBPJPY 4H:
GBPJPY formed a symmetrical triangle when the uptrend had been reversed on March 13th.
With price bouncing in between the overall uptrend and opposite downtrend, we can see a breakout in reach within the next short amount of time.
Due to the downtrend passing the 61.80% line of the large move down previously, and then retesting below it, pattern should continue to go down. Symmetrical Triangles typically form right after a change in trends, which has happened recently. Looking to see price fall down to the 38.20% retrace at minimum within the next week.
Entry Point: 147.87
S/L: 148.864
T/P: 146.829
Stop Loss is a high, but once the pattern gives me more confirmation I'll be adjusting that stop loss to about 40 pips above entry. (In case pattern breaks triangle clearly above to pullback before the drop)
GBPJPY formed a symmetrical triangle when the uptrend had been reversed on March 13th.
With price bouncing in between the overall uptrend and opposite downtrend, we can see a breakout in reach within the next short amount of time.
Due to the downtrend passing the 61.80% line of the large move down previously, and then retesting below it, pattern should continue to go down. Symmetrical Triangles typically form right after a change in trends, which has happened recently. Looking to see price fall down to the 38.20% retrace at minimum within the next week.
Entry Point: 147.87
S/L: 148.864
T/P: 146.829
Stop Loss is a high, but once the pattern gives me more confirmation I'll be adjusting that stop loss to about 40 pips above entry. (In case pattern breaks triangle clearly above to pullback before the drop)
Trade active
Breakout has started and will confirm if this candle closes outside the triangle.
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