moneymaking
Short

NZDJPY: SYMMETRICAL TRIANGLE ON 4 HOUR !!!

FX:NZDJPY   New Zealand Dollar / Japanese Yen
Hello Traders,

Here we have a VALID SYMMETRICAL TRIANGLE on FX:NZDJPY             that is formed when market is putting in lower highs and higher lows. This give us a signal that neither BUYERS nor SELLERS are able to push the price far enough to make a clear trend. This can also be referred to CONSOLIDATION, since the market movement is limited between the top and bottom parts of the triangle.

Do keep in mind that SYMMETRICAL TRIANGLE can be broken in EITHER direction. Personally I would favor the breakout to the DOWNSIDE (2nd Scenario) because it will have higher winning percentage since it will be in the direction of the MAJOR DOWNTREND.

NOTE #1: I labelled the target to the downside as "TG #1" and that is because I will also be looking for a structurally based 2nd target. I'll post another chart with the 2nd target labelled, under this description section.

NOTE #2: AFTER reaching the 1st target to the downside, there is no other structure present until we reach our 2nd target.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

UPDATE #2: Hello traders, unfortunately the conservative entry did not work out the way we planned it. Thus, if you had taken aggressive approach then, you would have caught the huge downside move. Both 1st and 2nd targets have been reached and all positions are now CLOSED for this setup :)
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IvanLabrie moneymaking
Huge downside move, almost got the whole thing.
Needed a couple winners badly...we still have a shot at shorting everything *jpy on retrace mate.
+1 Reply
moneymaking IvanLabrie
Hey Ivan, ya this was essential trade to cover up any loses and get some profit as well. A good retracement will definitely give us nice short :)
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IvanLabrie moneymaking
Gotta stick to the plan, we have a potentially huge trend setting up, the volatility should explode and we should see pretty sharp directional moves if that's the case.
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moneymaking IvanLabrie
Ya, this is a huge signal for trend reversal, and we should try our best to get involved in it with best entry price possible :)
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Keen eye here.
I'm short and scaling in on retrace.
Entry: 80.862 and SL at 81.575. Target is 77.5 for me at least.
Good luck to both of us!
+1 Reply
moneymaking IvanLabrie
Great work mate, yeah let the luck be on be our side :)
+1 Reply
UPDATE #1: Hello everyone, we just got our breakout to the downside, which I personally preferred. Now we have to wait for a valid retest of the triangle AFTER this current candle closes. Sell after getting the valid retest :)
Reply
Great work!!
+1 Reply
Hey Fan, Thank you mate. All the Best to you :)
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