USDJPY Descending Triangle Consolidation in Uptrend
Updated
Consolidation after a 2 days uptrend. Descending Triangle is forming
I think the price is most likely going to resume its uptrend. But to be safe I'll also place a sell stop if the trend reverse.
Long
Entry :
- buy stop just above the last swing high at 102.755
Exits :
- S/L below previous swing low at 102.624
- T/P at previous major swing high at 103.050
R/R ratio = 2.25
Short
Entry :
- sell stop below last swing Low at 102.614
Exits :
- S/L above previous High at 102.715
- T/P near next Resistance area at 102.360
R/R ratio = 2.51
I think the price is most likely going to resume its uptrend. But to be safe I'll also place a sell stop if the trend reverse.
Long
Entry :
- buy stop just above the last swing high at 102.755
Exits :
- S/L below previous swing low at 102.624
- T/P at previous major swing high at 103.050
R/R ratio = 2.25
Short
Entry :
- sell stop below last swing Low at 102.614
Exits :
- S/L above previous High at 102.715
- T/P near next Resistance area at 102.360
R/R ratio = 2.51
Note
Could have made some profit on this move down but I wasn't comfortable having the price hitting my Sell Stop from below.I still believe it's going to resume its uptrend within a few hours, My buy stop is still pending.
Order cancelled
Nope doesn't want to resume its uptrend, yet ...
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