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.
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
Target #1 - 101.80
Stops # - 100.380
Trade closed: target reached