This week will be another one with a rather strong trading idea at my disposal. The GBP/JPY ascending triangle may look slim, but it is a valid pattern, which was born following an uptrend. It has enough points of contact both with the upper horizontal border and the lower inclined one. The only problem I see is the fact that the formation is only one week long.
The yellow lines mark the triangle itself. The cyan line shows my breakout entry level placed at 10% of the triangle’s height above the border. The green line, located at 100% of the height above the border, will serve me as a
The chart was built using the ChannelPattern script. You can download my MetaTrader 4 chart template for this GBP/JPY pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2014-12-02 13:12 GMT: Long position entered at 186.462 at 6:57 GMT today. The breakout looks OK as the
Update 2014-12-05 10:22 GMT:
If you have any questions or comments regarding this ascending triangle on GBP/JPY chart, please feel free to submit them via the form below.
Have you entered? My chart says daily high at 186,92.
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Andriy Moraru Reply:
December 2nd, 2014 at 1:14 pm
Yeah, will update the post now.
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What RR ratio was eventually?
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Andriy Moraru Reply:
December 8th, 2014 at 11:32 am
2.73
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Good enough:) congratulations
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Andriy Moraru Reply:
December 8th, 2014 at 12:34 pm
Thanks! Do you follow any of these trades? Or do you have your own system?
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I have my own system but very silmilar and like your approach. i like to play breakouts and some patterns. I don’t like indicators and complex systems.
Several times I followed your trades but it was an entry in my system as well. What I do different is exit. I like to trail my stop when the possible move is quite big.
Anyway I have your website in my RSS feed and keep reading. At the moment I am not trading. I want to start again from January.
BTW. notifications via e-mail doesn’t work with my account. I have to keep the tab open to read your replies.
Keep up the good job on this blog! :)
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