4 hour timeframe chart on
EURAUD
Currently forming a descending triangle and price nicely testing the support and resistance levels approaching the climax.
Price currently below the 50 period moving average, indicating possible resistance and downward pressure (likely short position on break of support)
ADX not relevant in this as works best with longish time frames
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Cheers
EURAUD
Currently forming a descending triangle and price nicely testing the support and resistance levels approaching the climax.
Price currently below the 50 period moving average, indicating possible resistance and downward pressure (likely short position on break of support)
ADX not relevant in this as works best with longish time frames
Please share a thumbs up if you like what you read and share a comment in the section below.
Cheers
Trade closed: target reached:
As discussed above, price hot off the peak at the resistance level and has also touched the bottom of the trading range / support level of the triangle. As we have seen so many times, when price is close to the climax, it tries to breakout in one direction and when it fails, it quickly retraces and exits in the opposite direction.
