botje11

AUDUSD double bottom and bullish wedge

FX:AUDUSD   Australian Dollar / U.S. Dollar
Looks like a nice setup here. On the left it looks like it might be making a bottom formation with this wedge . On the right we can see a possible double bottom . But it's a low time frame one, so not the most reliable.

In a situation like this there are 3 options:

Red: Going long now or after the small red resistance breaks. After the red breaks, i would say chances are like 60%
Black; Waiting for a break up, than seeing a bull flag being formed close to the neckline of the double bottom and then getting in. This has a chance of around 75%
Blue: False breakout, waiting for that and the bounce up. If we see a small V shape bounce back above the green, odds are maybe 80%

These % are to give an impression, not to show you if it's a sure win or not.


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