AUDCAD BUY @ 0.9870
TP1: 0.9890
TP2: 0.9935
TP3: 0.9980
TP4: 1.0070
SL: 0.9805 (65 PIPS)
The rising wedge is formed at the end of an uptrend, it’s a bearish reversal pattern.
A rising wedge is formed when price consolidates between upward sloping support and resistance lines.
Here, the slope of the support line is steeper than that of the resistance.
This indicates that higher lows are being formed faster than higher highs.
With prices consolidating, we know that a big splash is coming, so we can expect a breakout to bottom.
See how price broke down to the downside? That means there are more forex traders desperate to be short
They pushed the price down to break the trend line, indicating that a downtrend may be occurred.
The price movement after the breakout is approximately the same magnitude as the height of the formation.
The double bottom is a trend reversal formation, we are looking to go for long position.
These formations occur after extended downtrends when two valleys or “bottoms” have been formed.
You can see from the chart above that after the previous downtrend, the price formed two valleys because it wasn’t able to go below a certain level.
Notice how the second bottom wasn’t able to significantly break the first bottom.
This is a sign that the selling pressure is about finished, and that a reversal is about to occur.
The price broke the neckline and made a nice move up.
See how the price jumped by almost the same height as that of the double bottom formation?
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EURCAD BUY TP3 +100 pips✅
EURNZD BUY TP3 +100 pips✅
EURNZD BUY TP1 +20 pips✅
EURAUD BUY TP1 +20 pips✅
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When a double top chart pattern appears, a trend reversal has begun.
The “tops” are peaks which are formed when the price hits a certain level that can’t be broken.
After hitting this level, the price will bounce off it slightly, but then return back to test the level again.
If the price bounces off of that level again, then you have a DOUBLE top!
In the chart above you can see that two peaks or “tops” were formed after a strong move up.
Notice how the second top was not able to break the high of the first top.
This is a strong sign that a reversal is going to occur because it is telling us that the buying pressure is just about finished.
With the double top, we would place our entry order below the neckline because we are anticipating a reversal of the uptrend.
Looking at the chart you can see that the price breaks the neckline and makes a nice move down.
Remember that double tops are a trend reversal formation so you’ll want to look for these after there is a strong uptrend.
You’ll also notice that the drop is approximately the same height as the double top formation.
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CADJPY SELL TP1 +20 pips✅
EURAUD BUY TP3 +100 pips✅
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GBPCHF BUY TP1 +20 pips✅
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EURUSD BUY @ 1.2330
TP1: 1.2350
TP2: 1.2400
TP3: 1.2450
TP4: 1.2500
SL: 1.2265 (65 PIPS)
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Читать полностью…USDCAD SELL @ 1.2744
TP1: 1.2704
TP2: 1.2681
TP3: 1.2601
TP4: 1.2550
SL: 1.2810 (65 PIPS)