Steven_Maas
Long

Double Falling Wedge Pattern EURUSD 5M

FX_IDC:EURUSD   Euro/U.S. Dollar
Double Falling Wedge Patterns tend to breakout topside more often than not.

Comment:
snapshot
Comment: Keeping eyes on EU as it reaches apex, wedge loses buyer confidence, the longer it takes.

Apex in purple:
snapshot
Comment: Earlier wedge invalid.
Buyers holding new support level. @ 1.11300
Could mean wedge will move towards new 15M timeframe support in red.

snapshot
Comment: Oops 1.11330 instead of 1.11300
Comment: New support @1.11330 broken but with massive bullish pin bar, closing just above that level:

snapshot
Comment: NOTE: backtest falling wedge evolving into downward channel with larger apex.
Trade active:
snapshot
Comment: Reached resistance.
Noticing a lot of buyers taking profit here again.

snapshot
Comment: Confirmed early buyer failure to breach resistance level on 1M chart.

snapshot
Comment: Earlier channel resistance could become support.

snapshot
Comment: This might be the reason why we're not getting higher highs.
Rising wedges are often reversals of uptrends.

30M:
snapshot
Trade closed: stop reached: Break stops reached with a bit of slippage on the side.

NOTE TO SELF: falling wedge pattern was success, even within a larger timeframe rising wedge. However, buyers failed to punch resistance three times now. Downfall is almost certain at this point. Closing analysis.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out