I have short the pair because the market has formed a rising wedge at a significant zone, And within the wedge, it has formed an extended double top, which is a signal for us to short.
Price broke the previous high it created, catching traders to the wrong side of the market, then it has retraced. Therefore, it is probable that price will continue down
Price is in the descending channel, and it is probable for price to make a double bottom or any reversal pattern at the fifth touch of the channel. That is when we will be looking to buy.
In the previous analysis, which I have linked below, I said we are looking for a double top or any reversal pattern at the fifth touch of the ascending channel. Therefore, when price formed a double top we sold. You can see the previous analysis for further reference.
After making a double top as the fifth touch of the ascending channel, price made an impulse move down. Price has started to correct, therefore, it is probable to form a bear flag.
Price is in the ascending channel and it has made the fifth touch of the channel, which is usually the tuning point, however we are waiting for price to form a double top or any reversal pattern before we short the pair
Price made an impulse move up when coming out of the large bull flag, then it has created a small bull flag, therefore, it's probable for price to make another impulse move up equal to the previous move.
