FX:USDJPY   U.S. Dollar / Japanese Yen
Hello Traders,

Here we have a SYMMETRICAL TRIANGLE on FX:USDJPY             , that is formed when neither buyers nor sellers are strong enough to get into a clear trend. Therefore it is considered as a consolidation type pattern. I have labelled targets for both BULLISH and BEARISH breakout, but personally I would favor the BULLISH breakout, due to its direction with the underlying MAJOR TREND. I have also drew in Fib retracement and extension to get a Fibs confluence zone, at previous structure resistance , between 88.6% retracement and 161.8% extension level. See the chart above for more details.

The conservative way to trade this pattern would be to wait for a RETEST after the breakout occurs. An aggressive approach would to be go long or short, based on the direction of the breakout, at market price right after getting the breakout.

We also have a potential bearish BAT PATTERN completing at the Fib confluence zone. Akil has already posted this pattern, which is why I didn't included it on my chart. So make sure to check out his idea as well:

NOTE: For tomorrow, we have Core CPI             m/m news @ 8:30 AM and FOMC Meeting Minutes news @ 2:00 PM.

So if we DON'T a breakout BEFORE the news release time, than I will NOT be trading this setup. I'll Keep everyone up to date, as we get closer to the news release times.

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 #4: Hi everyone, if anyone was involved in the downside move, than your Target has been reached. All positions are now CLOSED for this setup. Good Trade overall :)
+1 Reply
TahirAli moneymaking
Well done mate.Keep it up.
+1 Reply
moneymaking TahirAli
Hey mate, thank you for the kind words. Appreciate it :)
Nice! & dammit, pissed i missed this
+1 Reply
moneymaking MaverickPerry
Hey Maverick, if according to your rules, the retest was valid then yes, you should've been in the trade. Personally I wasn't attracted to the retest that we got. I wasn't a valid retest according to me, so I didn't got involved in this particular trade setup. Don't worry mate, there are opportunities to make money almost everyday. Cheers :)
UPDATE #3: The breakout to the downside might be a false breakout and should be ignored. Still waiting for a VALID RETEST after getting the breakout. If the breakout occurs to the upside, then wait for the retest before going long. Good Luck :)
UPDATE #2: Hey guys, we are also getting a POTENTIAL VALID BULLISH GARTLEY PATTERN. See the chart below:

UPDATE #1: Hi everyone, just a reminder that we did get a breakout to the downside. But the current candle does not represent a VALID RETEST of the broken triangle, since the buyers showed no signs of struggle at the broken level. Thus we have to be careful if we want to short this pair based off of this breakout. Personally I am not interested in trading this setup just by looking at current price action.
Im already short so i expect a breakout to the downside, we can see also an inverted pennant.
+1 Reply
moneymaking FullTimeTrader
Hey FullTimeTrader, nice work mate. All the BEST :)
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