They said "It's very difficult and confusing to trade a triangle.". I agree!
When I first looked on the 4H chart, I saw the beginning of a triangle formation and was excited about the trade. Then I went to the 1H chart and have tried to count the internal waves to soon. That was a mistake and confused me very much, because the breakout didn't happened. But the overall picture in the 4H chart shows a much clearer picture and gives the signal that everything is in control and the last move to wave 5 will happen when the triangle formation completed.
I'm waiting for the 100.680 price level to enter the market and probably will double my position when the breakout occurs near the 99.900 level.
Tip: If the smaller timeframe confuses you, look at the bigger one and vice versa.
When I first looked on the 4H chart, I saw the beginning of a triangle formation and was excited about the trade. Then I went to the 1H chart and have tried to count the internal waves to soon. That was a mistake and confused me very much, because the breakout didn't happened. But the overall picture in the 4H chart shows a much clearer picture and gives the signal that everything is in control and the last move to wave 5 will happen when the triangle formation completed.
I'm waiting for the 100.680 price level to enter the market and probably will double my position when the breakout occurs near the 99.900 level.
Tip: If the smaller timeframe confuses you, look at the bigger one and vice versa.
Note
Look at the daily chart and you will see the bigger pictures which indicates, that it is time for a bullish move at least back to the level of wave V. --> Ergo:
USDJPY are about to make the last move down before starting the move up o a higher degree on daily chart. With this in your mind, you can navigate through the ups and downs more precisely.Note
The beginning of the ride?
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.