Descending Triangle
Updated
Hi Everyone. Nice descending triangle pattern forming. Long term trend is a gradual appreciation in value of the Euro/NZD. Short term is a down trend. If a one hour candle closes above top trend line i'll likely go long. If a one hour candle closes below the top trend line AFTER TOUCHING OR PIERCING the top trend line i'll likely go short.
Length of the triangle indicates indecision amongst the bears and the bulls so this really could go either way.
Not a financial adviser this is strictly my opinion and you should always conduct your own analysis
Happy Trading :)
Length of the triangle indicates indecision amongst the bears and the bulls so this really could go either way.
Not a financial adviser this is strictly my opinion and you should always conduct your own analysis
Happy Trading :)
Trade closed: target reached
Went short. Followed the strategy above. Took profit just before bottom blue line. Successful trade
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