GBPJPY analysis - an imminent breakout??

chart h1 as of 8.20 am Malaysia

Price is consolidating within a symmetrical triangle; indicating an imminent breakout.

Will watch and open position in the direction of breakout...

Meanwhile, click here to learn How to Trade Triangle Chart Patterns Like a Pro.
4.00 pm - a breakout to the north...
will London push it further?

8.00 pm - decided to go short at 139.88
price bounced off 168.1% fib level and formed
a shooting star
if I am wrong, my stop loss is placed
at 140.43 (55 pips risk)

9.49 pm - bulls are still alive
saved by my stop-loss


  • Dear GJ.Trader,
    For this type of pattern breakout,which kind of order do you place it,market order or stop order?

  • Since I was on screen during the breakout, I used a market order.

    I seldom use a stop order unless I am confident on the market direction and will be away from screen.

    Hope this helps.

  • Thanks a lot for your kind reply.
    Another question,
    how do you identify the breakout successful or failed in a very short time while you watching the screen and prepare put the trigger? For me, half the time,I was either stoped out by the fake breakout or too late to put the trigger. This really puzzled me too much.

  • To be frank, I also have the same dilemma. Nothing is 100% perfect in forex.

    That's why we need to place stop-loss in case we're wrong.

    The stop should be placed just outside of the nearest peak if the market breaks to the downside or the nearest trough if the market breaks to the upside.

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