Here is a possible textbook example of a triangle breakout trade. To be safe, always wait for a retest of the former support and then start adding positions. Remember to always put patience first and profits will surely follow. I have marked in the chart an invalidation area of this setup. Kudos!
I am not in the trade just monitoring it. Just an idea, not a signal.
NZDJPY - D - Long Truncated Fifth, should follow an A -> B
NZDJPY looks like it may correct long on the daily chart, but be weary of any continued strength. NZD pairs are weak. JPY pairs are corrective. Looking for corrective strength and more downside.
As I dive deeper into EW theory my analysis and way of looking at charts has changed. Here's an update to nzdjpy outlook. I'm long and strong! :D
With the current sell off of the Kiwi, we are approaching an area where there could be a reversal. This ties in with the the EURNZD and AUDNZD pairs that also show an area of possible reversal. Price may rebound between the areas marked out by yellow boxes. The sharp drops from the yellow boxes above (supply zones) tell us the pair could rebound upon returning...