Long

Updated

Double Falling Wedge Pattern EURUSD 5M

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

Note

Note

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

Apex in purple:

Note

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

Note

Oops 1.11330 instead of 1.11300

Note

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

Note

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

Trade active

Note

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

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

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Earlier channel resistance could become support.

Note

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

30M:

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.

UnknownUnicorn468659

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by UnknownUnicorn468659

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