Hi Traders,
I am looking at this potential Double bottom forming on the Daily Time Frame for EUR/USD
We've seen this descending trend line act as resistance since early February.
We can see we also have two clear bottoms with accompanied divergence across the MA lines of the MACD.
If we can see some impulsive price action accompanied by sizeable bullish volume that breaks us out of the descending trend line, ( and closes above the neck zone ), I would then wait for the price to retrace back into the neck zone before opening up my long position.
Targets would be previous price structures.
Daily chart patterns are a great way of practicing patience haha.
Trade safe out there!
The Vortex Trader
I am looking at this potential Double bottom forming on the Daily Time Frame for EUR/USD
We've seen this descending trend line act as resistance since early February.
We can see we also have two clear bottoms with accompanied divergence across the MA lines of the MACD.
If we can see some impulsive price action accompanied by sizeable bullish volume that breaks us out of the descending trend line, ( and closes above the neck zone ), I would then wait for the price to retrace back into the neck zone before opening up my long position.
Targets would be previous price structures.
Daily chart patterns are a great way of practicing patience haha.
Trade safe out there!
The Vortex Trader