On the chart to the right (which, you'll note is a 15 minute chart), you'll see that the USD/JPY pair is coming to a nice point in an obvious converging triangle. I would like to buy on a close above the top side of the triangle, or sell on a close below the bottom side of the triangle.Because of the shorter time frame, I'm going to move to break even at +30 pips. I may wait to put a trailer on it to see what it is doing, but I will certainly put one on if the pair continues to move in the right direction. The stop will go no fewer than 10 pips outside the other side of the triangle. I'll keep you posted as things develop.
Happy Trading!
