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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
It's time to look at the bigger picture of two currency leaders: EUR/USD pair and EUR/GBP cross (previous post).
As you can see on the monthly and weekly charts (left side), after the down move from the 2008-2014 Descending Triangle, price built a bottom in the form of a Rectangle but they didn't go further its target which was barely reached. For the last five years prices developed the first four main swing points of a now established Symmetrical Triangle.
The point to highline here is that today prices reached and (at the time I'm writing) bounced from the lower boundary.
This is a situation I will closely monitor since many different scenarios can develop from now and all are very interesting to me.
If I could choose, the first thing I would like to see here is price action staying close to the boundary for a week or two before taking any direction. This would give a lot of value to the boundary and to its test, so any direction would be more reliable.
I think we are at a crucial point for this pair but, for the moment, it’s too difficult to say something more specific. I wanted to alert you about it for coming weeks.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
It's time to look at the bigger picture of two currency leaders: EUR/USD pair and EUR/GBP cross (previous post).
As you can see on the monthly and weekly charts (left side), after the down move from the 2008-2014 Descending Triangle, price built a bottom in the form of a Rectangle but they didn't go further its target which was barely reached. For the last five years prices developed the first four main swing points of a now established Symmetrical Triangle.
The point to highline here is that today prices reached and (at the time I'm writing) bounced from the lower boundary.
This is a situation I will closely monitor since many different scenarios can develop from now and all are very interesting to me.
If I could choose, the first thing I would like to see here is price action staying close to the boundary for a week or two before taking any direction. This would give a lot of value to the boundary and to its test, so any direction would be more reliable.
I think we are at a crucial point for this pair but, for the moment, it’s too difficult to say something more specific. I wanted to alert you about it for coming weeks.
- Pattern Class: 🌕🌕🌕🌕🌕
- Target area: to see
- Breakout area: to see
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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