*** Triangle scenarios have been invalidated ***
GBPJPY Technical Analysis February 21/2017 – Triangle Idea
Traders should remain bullish as long as GBPJPY stays above the 138.51 level. Below we will show three possible Elliott Wave triangle bullish patterns. GBPJPY has bounced higher since October 2016 and the possibility of the pair continuing higher will depend if we see a breakout on any of the Elliott Wave triangle patterns below.
GBPJPY 4 hour Elliott Wave Bullish Symmetrical Triangle 1 : For the triangle scenario below price needs to stay above the wave ((B)) low at 139.60 and needs a break above the wave (D) high at 142.79 to add more confirmation that the wave ((B)) correction has terminated and is ready to push higher.
GBPJPY 4 hour Elliott Wave Bullish Symmetrical Triangle 2 : For the triangle scenario below it is still possible that wave (D) is still in progress and another push higher is still needed. For the scenario to be a triangle wave (D) needs to terminate below wave (B) then followed by a retrace lower to form wave ((B)). Traders should wait for wave (D) to terminate then look to BUY on the retrace lower of wave ((B)). Price needs to stay above wave (C) low. Below wave (C) low invalidates this scenario.
GBPJPY 4 hour Elliott Wave Bullish Double Three Triangle : The triangle pattern below is a WXY double three possible scenario. For this pattern wave (D) needs to terminate below Wave (B) then a pullback to terminate the wave ((B)) followed by price moving higher breaking the triangle formation. Traders should wait after the wave (D) has formed and BUY the wave ((B)) pullback. Price needs to stay above the wave (C) low. Below wave (C) low invalidates this scenario.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter > @AidanFX if you have any questions
*** Always use proper risk/money management according to your account size ***
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