The breakout versus the pullback.
The pullback is at its best entry position now.
The breakout needs to wait.
The third option is also available, that is to do nothing.
You now have options. Both are good setups.
On the long side, if you can wait and watch, you can determine when the pullback stops and buy again. Otherwise, enter with the indicated stop.
On the short side, this can be a prime spot. Ascending triangles are known to breakout on the upside and fail all expectations and breakout on the downside again.
Either...
It's been a few days since 200+ pip moves, and price is moving into a more defined range.
On the long side now is not a bad time to buy.
On the short side, if you can wait for confirmation at the long's stop, it may just increase your chances.
Reference other JPY pairs if you need more information.
After yesterday's spike, price has settled and started to range. Waiting for it to move from its 50 bar range. Two ways of executing this pair of long and short. If watched until breakout - execute at a high volume with tight stops, alternatively, set the orders now and have the stops cover the range of the previous highs and lows.
