forexinsider

descending triangle

Short
FOREXCOM:EURJPY   Euro / Japanese Yen
following the impulsive and correction phases of the market we can clearly see that after the initila movement we saw price consolidating forming into a trend continuation pattern of the descending triangle
looking forward to the breakout from this pattern given the price reacting back it will give us the best entry with a higher reward at the top level of the pattern
given a breakout we can also take aggressive risk entries and our stops should be above the declining trend line
a retest is a possible playout
given price returning up we shall take a sell at the previously broken structure
we are not looking for any buying options now

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