Price has been correcting for quite a big while and has created a large bear flag for a potential continuation downside , now price has made its way back to test the bear flag for a third touch and has created a pattern within a pattern (ascending channel) and this increases the probability of the anticipated trade playing out.
I will be eyeing reversal for the...
price action is still in a great zone to be looking for shorts , courtesy of the resistance zone and daily trendline. will be looking for shorts if price test the lower degree time frame rising wedge for the third time, or the breakout of the wedge #happy trading
currently looking to short this pair, as price action has rejected the third touch of a descending trendline for the third touch..looking for the wave that completes the classic chart pattern .. #happytrading
The good thing about forecasting moves is that it reduces hesitation when its time for execution. Was looking for a wave to the downside but the pattern evolved into a larger version of the ascending. will be looking for shorts at an area of high value.
i always wait for confirmation before entering trades ..this one in particular i wanted an ascending channel breakout first before entering...sometimes if i dont get that i wait for impulse then first flag.