AUDJPY Triangle Breakout (WRITTEN IDEA)
AUDJPY has been trading in this triangle for the past 8 days. It looks like we are breaking out of the triangle to the upside.
I am not looking to trade the retest(this could happen) but this is somewhat riskier. I would recommend lowering your lot size slightly if you want to trade off of the retest. I am looking for strong bullish momentum (I have a buy stop @71.750) with a 25 pips SL and a target in between the next quarters level.
Price action is already looking strong to the upside on the 4H, so I would recommend getting into this trade soon if you're going to take it.
I am not looking to trade the retest(this could happen) but this is somewhat riskier. I would recommend lowering your lot size slightly if you want to trade off of the retest. I am looking for strong bullish momentum (I have a buy stop @71.750) with a 25 pips SL and a target in between the next quarters level.
Price action is already looking strong to the upside on the 4H, so I would recommend getting into this trade soon if you're going to take it.