USDJPY H4 HOW TO TRADE A DESCENDING TRIANGLE + PULLBACK SHORT £$
Clean and insightful USD/JPY publish with overview on trading a Descending Wedge - just my opinion anyway :)
The base range is the distance from the highest point of the range to our marked low point.
We then take this same distance to determine the potential size of the breakout
Note how close USD/JPY came to reaching this potential level
in my experience price often pulls back to the level of its breaks out before continuing in set directional trend, lets see if that happens.
Stop inside of wedge, target still base range, proportional boxes give an idea of the momentum expected in short falls,
Fibonacci retracement level based of major high/low points within descending wedge, notice how it highlights key levels of price action within the wedge
161.8% level also strong confluence with potential target
Channel commodity index also in steady down motion
Good Luck and Happy Trading :)
The base range is the distance from the highest point of the range to our marked low point.
We then take this same distance to determine the potential size of the breakout
Note how close USD/JPY came to reaching this potential level
in my experience price often pulls back to the level of its breaks out before continuing in set directional trend, lets see if that happens.
Stop inside of wedge, target still base range, proportional boxes give an idea of the momentum expected in short falls,
Fibonacci retracement level based of major high/low points within descending wedge, notice how it highlights key levels of price action within the wedge
161.8% level also strong confluence with potential target
Channel commodity index also in steady down motion
Good Luck and Happy Trading :)
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