PateSkpate

USDJPY 60min Preparing for a Breakout

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             on the 60min in consolidating in the shape of a Descending Triangle . These patterns tend to cause large breakout moves in the markets. I'll be watching this pattern and will be waiting for a Break & Close out of the pattern to give me direction. As of right now I have no idea which direction it will break, so I will not involve myself until I get my signal.

Also we are at a Major Support Level in the market. I love finding these patterns at higher time frame structure levels.
Trade active: We now have a Break & Close out of the Descending Triangle. I'm now long at 100.780

Target #1 - 101.80
Stops # - 100.380
Trade closed: target reached
Very nice Kenny
+1 Reply
PateSkpate Akil_Stokes
Thanks man.. I've been spotting a lot of Triangle Patterns this week.
+1 Reply
Akil_Stokes PateSkpate
There's so much consolidation in the markets it's insane. I supposed I'd rather have that knowing it will lead to expansion vs. other options but still
+1 Reply
PateSkpate Akil_Stokes
Yea I know.. I'm just waiting for the expansion and hoping I can capture a chunk of it! :)
+1 Reply
Akil_Stokes PateSkpate
Amen!
+1 Reply
like the idea kenny, im actually already long on this one and eyeing that same area for targets. Hopefully it'll breakout and we can both/all make some money...Good Luck
+1 Reply
PateSkpate RonSublett
Yea I'm hoping to see a Breakout in the up direction too! Best of Luck :)
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