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HONG KONG DOLLAR / CHINESE YUAN

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HKDCNY trade ideas

CNYHKD, Triple Tops (bearish)STATUS = Confirmed CURRENT CONFIDENC = 61% TARGET (EXIT) PRICE = 1.103420 HKD BREAKOUT (ENTRY) PRICE = 1.106875 HKD DISTANCE TO TARGET PRICE = 0.35% (39.2 pips) EMERGED ON Jul 21, 12:00 PM (UTC) CONFIRMED ON Jul 22, 07:37 AM (UTC) WITH CONFIDENCE LEVEL = 72% I found this pattern at tickeron website with the following data: The Triple Tops pattern appears when there are three distinct minor Highs (1, 3, 5) at about the same price level. The pair is testing the upper resistance level (horizontal line formed by (1, ­3, 5), but the price ultimately declines as buyers give up. This type of formation potentially happens when investors can not break the resistance price. There is a distinct possibility that market participants will sell out, and the price can move down with big volumes (leading up to the breakout).
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by AlTorress