Symmetrical Triangle on NZD/JPY @ H4
As you can see, the long-term upward trend in NZD/JPY has consolidated into a symmetrical triangle pattern on the H4 chart. I will use this formation for a trend-continuation breakout setup. My potential entry is marked with the cyan line, which is located at 10% of the triangle's base width above the upper border. My take-profit will be at the green line, which is located at 100% of the triangle's base width above the upper border. I will set my stop-loss to the triangle's lower point (90.348). I will ignore downside breakouts from this trend-continuation pattern.
Trade active
Long position entered yesterday at 22:16 UTC with open price at 90.682, SL at 90.133, and TP at 91.204.Trade closed: stop reached
SL hit yesterday at 18:29 UTC.
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You can find useful tools to detect, build, and trade chart patterns - all completely free on earnforex.com.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.