Forex Positive

Bullish ascending triangle in GBPJPY

FX:GBPJPY   British Pound / Japanese Yen
Bullish continuation pattern in GBPJPY            

The ascending triangle pattern is a bullish continuation pattern in GBPJPY             . There are 2 ways to trade this pattern.

1) Aggressive method (Long GBPJPY             on breakout)
Place a buy stop order on breakout above 173.50
SL 173.00
TP 175.00

2) Conservative method (wait for retracement)
After GBPJPY             breakout decisively above 173.50, wait for any pullback to 173.50.
Place a buy limit order 173.50
SL 173.00
TP 175.00
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