AUDJPY - Gatta Break That Triangle Son..AUDJPY has been in an ascending parallel channel for a while. It isn't the cleanest one but it does exist.
On the 9th of february we've hit the bottom trendline, so, if logic was to be respected, we should shoot for the upper trendline now.
Recently we broke the descending trendline of a correction occuring within channel, right after the touch of the channel's trendlline. We had a nice push, then price started to trade sideways to eventually end up in a symetrical triangle pattern, pending aside the upward movement.
We know symetrical triangles are not coming with a biais, and that, it could break either way, but, in this case, we're in an uptrend, and we're following a big push up, which itself has been following a bullish trendline bounce. So, yes we don't know what side it's gonna break, but we know that it is actually going to break, and that we are in an uptrend, so I'm looking for buys and will discard sell signals for now.
The situation:
1) We're in an uptrend
2) We recently bounced up the lower trendline of an ascending channel
3) We recently broke up the trendline of a bearish correction within the channel
4) Price is in a symetrical triangle that formed right after a bullish push
All that being said, I'm looking for buys, if it breaks up, then SL under the triangle and RR 2:1 min. If it breaks down, then wait for the rebound on the trendline then SL under the trendline and RR 2:1 min.
Hope you guys found some valuable informations,
Cheers everyone and as always, safe trading!!!
