GBPJPY Triangle Breakout and Short Opportunity
GBPJPY is trading in a triangle. Fundamentally, the direction of the breakout should be bearish. Below is the bearish breakout setup.
Pattern /Reason: Triangle Pattern
Time Frame: H1 Chart
Accuracy of the Pattern: 74%
Setup No: GBJP080901
Recommended Lot: 0.30
Trade Period: Intraday
Stop Loss: Above 128.400
TP1: Intraday Targets: 127.730 124.450 / Reached
TP2: 126.950 / Reached
TP 3: 126.600
Divergence/ Convergence Confirmation: Not Yet – Will be updated.
Candle Pattern Confirmation: Bearish Pinbar
Moving Average Confirmation: Bearish
The trend of the Timeframe: Bearish
The trend in the Daily Chart: Bearish
Update: TP1 Reached
Update: TP2 Reached. Fundamentally and technically we predict bearish continuation.
Warning and Things to Pay Attention:
- Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
- Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
- Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
- Do not risk more than 2% in one trade setup.
- We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
- We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.
VERIFIED ACCOUNT AND SETUP RESULTS
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
GBPJPY Triangle Breakout: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility