AUDJPY Ascending Triangle Setup

 

There is an ascending triangle forming on AUD/JPY with a triple top. Ascending triangles tend to be a bullish pattern.  Positioning a buy stop order above resistance is a good strategy to grab the break out.  This one reversed but was worth 20-30 ticks with a tight trailing stop.  Always be on the lookout for patterns to give guidance for buy and sell stop entries. 

 

 

2011-09-11-AUDJPY-TOS_CHARTS

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