glennmercer
Long

USDJPY Triangle Breakout! Ride It To The Top

FX:USDJPY   U.S. Dollar/Japanese Yen
Hey Traders! USDJPY             has completed a triangle at the end of wave-(B), alternatively wave-2. This move has potential to find T2. Stop is very tightly placed behind wave ii pullback on a lower TF. Will update as the breakout unfolds. Happy trading!
Trade active: Trade active! Tight Stop in place below previous degree wave four:

snapshot
Trade closed: stop reached: 1.6 Pip SL: Looking now for a bullish impulse and pullback to enter

snapshot
Comment: Traders! For those still interested in a long USDJPY, I've entered a second time with another tight stop. This will be last entry before then looking for shorts (unless there is a very large pullback toward invalidation level)
USDJPY Breakout: Second Entry After Triangle
Love the trendlines
+1 Reply
Thanks Tradz
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still in.. should i keep it?
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LM, I like a long position here but I personally don't hold drawdown. Make sure you have a max SL in place and that you are in complete control of your risk management
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MrLatchman glennmercer
of course.. thanks.
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u wait for a pullback?
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San, yes I always wait for a pullback
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Question Glen.

Why you put tight stoploss as you indicated in main chart as Long?
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PT, Long means it's a USD buy position against the JPY. This is a breakout trade so any retrace below lows invalidates.
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piptamil glennmercer
oh thanks Glen.
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Thank you !
Glenn, appreciate it very much.
i see great charts from you, very clear analysis.
Thanks
+1 Reply
Thanks for the kind words Iyam
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