JamieHolmes

Symmetrical Triangle - breakout of GBP-JPY upside/downside

FX:GBPJPY   British Pound/Japanese Yen
130 2 10
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
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JamieHolmes PRO vlad.adrian
2 years ago
Hi thanks for the constructive comment, what do you think about my other idea on GBP-JPY?, your feedback is appreciated hugely. :)
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