3 touch descending channel, trading the first bull flag pattern. Set my order on the breakout. First target is the beginning of the descending pattern.
Just got triggered into NZD/CAD short. Very clear structure on the HTF's and this LTF flag showed its signal that its complete. Expecting to break this bear flag and reach the lower trend line. Theres potential for a large swing trade. Swing target is at the beginning of the HTF ascending structure.
This trade checked off all the requirements for a nice trade to the downside. We have the 1-2-3 ascending channel on the daily chart, the double top pattern at the top of the ascending, another ascending at the second leg of the double top, & with daily candlestick confirmation. There are so many confluence factors and there is so much room to the downside. Happy...
- Daily - Slight descending channel with a double bottom at the 3rd touch of the pattern. Leading up to the double bottom there was another descending channel which price impulsed out of and in the next flag correction, I was looking for buys.
- 4hr - After the impulse out of the descending structure, a bull flag formed with a double bottom that I was looking for...
Potentially a large swing trade setup coming next week.
Daily Chart -
Price has been in this ascending channel since march of this year and after the second touch of the pattern, we have the double top with another ascending channel leading up to the double top area.
4HR Chart -
Here is the price pattern in more detail. The first profit target is the...
