Akil_Stokes

Nikkei - 4 Hour - Triangle Breakout

Long
FX:JPN225   Nikkei 225 Index
We're seeing this setup across a few indices but here on the Nikkei we've recently had a completed ascending triangle pattern which has broken to the upside & is now starting to consolidate.

My initial prediction was that IF we break to the upside from this ascending triangle THEN we're likely to continue higher.

Now the question is IF we're likely to continue higher THEN where are we likely to go & how are we likely to get there.

The answer to the first question is our most recent major level of structure resistance & the answer to the second question is either by a pullback to previous structure resistance (now turned potential support) or by the formation of a high & tight flag pattern followed by another breakout.

Hope this idea was helpful. if you have any questions, comments or want to share your opinion fee free to leave them in the comment section below.

Also, if you're around I host a TRADE OF THE DAY Live Stream here on Tradingview each Tues, Wed & Thurs at 7:30 am NY, 12:30pm UK time. Feel free to join the discussion.

Akil

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