EURJPY—triangle

On the 15-minute chart of EURJPY below one can see it in a symmetrical triangle. From an Elliott Wave perspective, the breakout should be to the upside. I don't trade such short-term charts but I'm already long from 112.18 and I check the shorter-term charts periodically to see if there are any signals that support or negate my positions or that give clues about pullbacks. In any case, as I wrote in the blog post a few minutes ago, there's lots of resistance to get through up to 112.92 so let's see what happens.

Here's the 15-minute chart:












© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.