SighTTrader
Short

Short USDJPY on Break of Descending Triangle Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
617 13 12
Keeping a close eye on USDJPY             at these levels and watching for a break of descending triangle pattern support for a short entry.
MeshalAlnashri
3 months ago
my teacher says that continuation patterns like these are stronger when they g alongside the trend, what do you think o that?
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SighTTrader MeshalAlnashri
3 months ago
it depends on when you use the patterns, its easier to spot them when you look for a continuation of a trend and more difficult when looking for a reversal, but its essential to know when a reversal is likely to happen or else you end up buying the high or selling the low. its a matter of getting comfortable with the pattern and knowing under what conditions they work best. Reversal requires you to understand what a strong resistance area looks like so that way when you notice a resistance level like that, youll know that this pattern will have a high Probability of success. i guess its a matter of experience with the patterns imo.
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MeshalAlnashri SighTTrader
3 months ago
like this one? the pattern formed under a strong resistance level and the price broke the uptrend line and once it breaks the channel and the LL i think it's going to the next trendline i'm going to close my short. just need to check for indicators,divergence,fibs,etc. although something in my guts tells me that the dollar isn't this weak.
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SighTTrader MeshalAlnashri
3 months ago
yes, like this one but what gives a descending triangle pattern away is the squeeze, notice how every wave was smaller until, it was too small to make an actual bounce, after it just broke down. a slow and steady squeeze usually indicates a good chance of pattern working. any persistence towards the top of the pattern usually means bull flag. each pattern has a movement pattern, a squeeze down has a specific way of moving and a persistence up also has a manner of movement if you can tell the difference of how the candles move inside each pattern youll get the trades right most of the time.
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MeshalAlnashri SighTTrader
3 months ago
thank you, i really appreciate your help. well, i'm going to be waiting for a break now in the sydney/tokyo sessions.
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SighTTrader MeshalAlnashri
3 months ago
you're welcome
+1 Reply
MeshalAlnashri SighTTrader
3 months ago
i took your advise here as well since we're in an uptrend the odds are against the bearish wole wave. but if the channel/trendline is broken there'll be a high chance of trend reversal which means the odds will be with the green bearish wolfe wave i also think so because there's an unsealed void in the back so i think price will go down and close it. if channel/trendline is not broken then odds are with the bullish wolfe wave
+1 Reply
MeshalAlnashri
3 months ago
just refreshed the chart and the triangle is working,
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SighTTrader MeshalAlnashri
3 months ago
yeah pattern is working nicely so far delivering some nice profits.
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epsion22
3 months ago
So trying to read this chart, if I was short this pair, would my take profit point be 101.22 or down by support (S1/S2?)
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SighTTrader epsion22
3 months ago
101.22 - 101.25 are my targets but be careful with 101.5 as that number always has support.
+1 Reply
epsion22 SighTTrader
3 months ago
thanks, you mean like psychological support for flat numbers or halves? (100, 100.5, 101 etc?)
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SighTTrader epsion22
3 months ago
exactly what i mean :).
+1 Reply
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