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Forex_Positive
Jun 15, 2014 9:30 AM

Bullish ascending triangle in GBPJPY Long

British Pound/Japanese YenFXCM

Description

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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