Reverse cup and handle

FX:AUDNZD   Australian Dollar/New Zealand Dollar
124 7 5
I have successfully traded this pattern in the past so am a bit of a fan. Normal to a long position but all works the same to the short side. I like this pattern as a trend continuation pattern. I only ever trade it on the daily also.
I will post the weekly chart as well so you can see that it's formed after a long down trend has been in place. This current set up meets a number of things I look for in the pattern.

-I like to see a strong pull back and large choppy moves in the base of the cup. normally I will see a double bottom/top or head and shoulder but in this case a triple top.

- The top of the handle to be noticeably below the high or low of the start of the cup depending on traded direction.

-The handle to form and stay in this case below the 200ma (long set up would obviously be above 200ma)

-The most important is for price action to tighten up and slop away.

Ill update if it breaks out of the handle.
A break out would cut the trend line on the weekly and also the weekly pendent formation.
Price has broken out ! I thought maybe a few more days in the channel but still, glad I posted when I did. No need to chase this I would say 8 times out of 10 the price pulls back. So If your in use what ever trading onion or strategy you use to take SOME profit off the table. We want to see at least a couple of days trading before a meaning full pull back to take a second bite.
What im looking at here now will be a long term play entering on the pull back the hopping it can crack multi year lows at 1.05 area. I will update post if a good pull back entry develops.
tst tst
Please add a comment… Positive feedback and constructive criticism are important to authors and the community.
May I ask what do you mean by 200ma? And why would you say (long set up would obviously be above 200ma) ?
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