If you longed at 0.786 fibo zone then you can protect to BE.
If not, then wait the FOMC next tuesday to trade this.
I will leave this idea as neutral idea and will update on tuesday.
MACD4c on 1D chart, is giving a sell signal , the contracting triangle can break on any directions but there are more possibilities that it will bo down as it's a downtrend. It's a very good risk reward setup :)
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USDJPY reached a decision point, touched the respected downtrend line, meet support @ 103,310 in the same area.
Trend followers should try to sell this. And if we get a BO then we may have a buying opportunity too.
I am more to the downside here, trade with the trend is me like me :)
Next week is loaded with data on both sides of the crossing. At the end of the week will mark the NFP surely as day 21 things to develop, when the Fed and the BOJ meet to make important decisions.
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They said "It's very difficult and confusing to trade a triangle.". I agree!
When I first looked on the 4H chart, I saw the beginning of a triangle formation and was excited about the trade. Then I went to the 1H chart and have tried to count the internal waves to soon. That was a mistake and confused me very much, because the breakout didn't happened. But the...
