We've just created a pretty nice candlestick reversal pattern here on the EURUSD called a 3 Bar Reversal (or at least that's what we call it over at Tier One). Anyway, what's nice about this pattern in particular is the length of the wick that each candle made towards the upside before ultimately being rejected and closing lower. In a perfect world I;d olive to see the extremes of our previous levels of structure (looking left) be tested, but how often doe the market give you the perfect setup.
My prediction is that we see a push lower to the area of the 2 green boxes, with the first being a conservative level & the 2nd being a more aggressive level.
For a video breakdown of this trading idea please see my YouTube video titled "Technical Analysis on Forex, Commodities & Indices" starting at the 2:52 mark
I hope you guys have a great weekend a HAPPY FATHER'S DAY to all fo my fellow trading dads out there.
Thank you for sharing. This is my view of the weekly
This may be a big trap for bears...
Good luck to all of us