2017Jul04 CADJPY H4 Descending Triangle

CADJPY has been on a uptrend. The bears have recently been more aggressive than the bulls leading to the formation of a descending triangle. In addition, there is a double top which is in confluence with the bearish bias. Upon break and close below the horizontal support of 83.968, I will go short. The stop loss and take profit target are both based on ATR x 2. The trade details are as follows:

Trade Setup: Descending Triangle
Price Entry 83.968
SL 84.668 | SL pips 70.0
TP1 83.268 | TP1 pips 70.0
RRR1 1.00

Trade closed: stop reached:

SL hit! (July 9)