Steven_Maas
Long

Double Falling Wedge Pattern EURUSD 5M

FX_IDC:EURUSD   EURO / US 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:
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Comment: Reached resistance.
Noticing a lot of buyers taking profit here again.

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

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Comment: Earlier channel resistance could become support.

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

30M:
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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.
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