Descending wedge pattern on GBPAUD
Updated
Not much in the markets for me today, but I have been following this pair for a while, and I am currently backtesting it. I wanted to show you guys a set up that caught my attention. We just made a huge move up, breaking structure. Just after that, the price put a beautiful descending wedge.
Now, what is the story that I get from this? : I see that the price is desperately trying to go down but it is unable to do so and it is consistently being punched in the face. Therefore, I expect that the bears will get tired of being punched and will just give up.
Now, what is the story that I get from this? : I see that the price is desperately trying to go down but it is unable to do so and it is consistently being punched in the face. Therefore, I expect that the bears will get tired of being punched and will just give up.
Note
Beautiful set up; I hope I get an opportunity like this one in my portfolio.
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