Double Falling Wedge Pattern EURUSD 5M Long

FX_IDC:EURUSD15

EURO / U.S. DOLLARICE

Description

⋅ Jul 4, 2016 4:10 AM

Double Falling Wedge Patterns tend to breakout topside more often than not.

Comment

⋅ Jul 4, 2016 4:11 AM

Comment

⋅ Jul 4, 2016 4:44 AM

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

Apex in purple:

Comment

⋅ Jul 4, 2016 4:56 AM

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

Comment

⋅ Jul 4, 2016 4:57 AM

Oops 1.11330 instead of 1.11300

Comment

⋅ Jul 4, 2016 5:05 AM

New support @1.11330 broken but with massive bullish pin bar, closing just above that level:

Comment

⋅ Jul 4, 2016 5:14 AM

NOTE: backtest falling wedge evolving into downward channel with larger apex.

Trade active

⋅ Jul 4, 2016 5:16 AM

Comment

⋅ Jul 4, 2016 5:33 AM

Reached resistance.
Noticing a lot of buyers taking profit here again.

Comment

⋅ Jul 4, 2016 5:46 AM

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

Comment

⋅ Jul 4, 2016 5:57 AM

Earlier channel resistance could become support.

Comment

⋅ Jul 4, 2016 6:02 AM

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

30M:

Trade closed: stop reached

⋅ Jul 4, 2016 6:12 AM

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.