Long term opportunity on AUDUSD. Pattern triangle with T1 and T2 on H4 chart will corossed this week. Usually this pattern is crossed on 5th touch. After crossing we will
have opportunity for around 60 pips.
Hello ladies and gentlemen.
The price of Euro will rise.
We see a distinctive classic head and shoulders pattren.
This pattern will be mirrored, only the last outline of the right shoulder remains.
Good luck to you.
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This idea does not provide the financial advice.
So let me try and break it down for you and I want you to see the both the short and long term picture of what ripple is going to do!
Short Term
We currently have a couple of buy setups, a big and a small one, this only tells me one thing....that an up move is imminent and we can expect to see ripple go from the current price of 0.19 to about 0.23!
Long...
Price has stabilized under T2. This is H4 chart, so this movement has a long term expectations. Now this pattern triangule is formed in a right way and also tested with short pullback. For them who doesn't know, the "Testing" of the pattern means, when its crossed, then touched from the opposite side and then followed to the first movement after crossing
DEFINITION: The forex rising wedge (also known as the ascending wedge) pattern is a powerful consolidation price pattern formed when the price is bound between two rising trend lines. It is considered a bearish chart formation which can indicate both reversal and continuation patterns – depending on location and trend bias
Well, the break to the low side was a fake out of the wedge pattern.
Dragging stops is important after a breakout. A good breakout with momentum will not return for days.
The confirmation of the second low on the wedge pattern was questionable. It didn't quite meet my criteria but I went with it.
Price dropped and soon returned back towards the lower trend...
There seems to be a time preference for these Dorito wedge pattern breakouts, between 11pm and 2 am London time. Curious.
About 15% of the time the breakout happens at 10am - 12 am London time. London stock market open and Tokyo open posibly.
Whatever it is it's somewhat significant.
Target is on the chart but I'll probably close in a few hours, maybe 6. If...
- Rising Wedge / Bearish Flag Continuation Structure
- 50% retrace from High to Low
- Seeing some RSI divergence exhaustion at top of the wedge
- MACD loosing momentum / cross incoming
- Double Bottom Potential or slightly lower low with RSI Daily RSI divergence in play?
Looking for a confirmation that this is the second low.
Need a rejection around here and a pullback to confirm it.
Then the Dorito is complete and watch for the break out.
Breakout should happen within the next 20 hours.
