ZenTrader111

Symmetrical Triangle - breakout of GBP-JPY upside/downside

FX:GBPJPY   British Pound / Japanese Yen
132 views
10
132 2
The GBP-JPY is shown with the symmetrical triangle, posting higher lows and lower highs over the past two weeks. This pattern could indicate a breakout to either the up or downside. The Bollinger bands are also squeezing closer together indicating a breakout. For a bullish move, the price action should close above the upper Bollinger band and move out of the triangle in the upward direction. For a bearish move, the price action should close below the lower Bollinger band and move out of the triangle in the downward direction.
That is not a triangle, because the lower line is too far away. A triangle is a congestion area, but you included the uptrend too. What seems more like would be a falling wedge, but only if you draw the line starting from 177.448
Reply
ZenTrader111 vlad.adrian
Hi thanks for the constructive comment, what do you think about my other idea on GBP-JPY?, your feedback is appreciated hugely. :)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out