SETUP - Last week chart gave an entry. This week, for those who are not on the trade, entry could be given on the break of the horizontal blue dashed line.
Comment
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Perfect retest of the break of the last trendline. continuing down.
Comments
RaidoR
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Hey, do you have good reasoning why the price would break below the horizontal dashed line after the double-bottom has been established on this support level? The reason why im asking is that i've been counting waves also recently on this currency pair and i have a different count then yours - according to my count we should be in uptrend and in the 3rd 1H wave that is part of the 3rd 4H wave wich is a part of 3rd daily wave. Also checked history of audnzd and a double top/bottoms always are giving a bounce-back in price, mostly a longer trend change, more rarely a 300-400 pip bounce, so as we just had double bottom here, im personally expecting the price to go up from here.
TAS_is_Goliath_Capital_Growth
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@RaidoR, Thanks for the comment. Double bottoms or tops, or any other pattern for that matter are only confirmed after the break of a previous high/low. Before a double bottom, I see a triangle. Feel free to share your chart here so I can see what you see.
RaidoR
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@tas, I see what you mean, im very new at trading myself, so it's quite likely that im having the wrong count here. I guess the best thing here is to just wait for either the confirmation of double bottom or the brake-through of the support line on your chart and then re-evaluate the situation.