Regularly, the symmetrical triangles usually proceed from a strong explicit movement.They symbolize fortification before a continuity of the trend. At this time, the routine chart of AUD/JPY is determining a not-so-firm uptrend superseded by a two-week mold buildup. However, a vigorous breakout could indicate that the uptrend will restore to this currency pair.
The triangle’s outermost edge are noted with the yellow lines on the figure below. The cyan line is my opening level situated at 10% of the triangle’s width (at the base) from the uppermost boundary. The green bar is my take-profit goal located at 100% of the alike width. The stop-loss is to be fixed to the bottom of the breakout crossbar or to the bottom of the continuing bar if the breakout bar is situated mostly outside the diagram. I will disregard rough breakouts from this symmetrical triangle.
Leave a Reply