once again looking for the "W" pattern to finish the last leg upwards , just got to have patience and fingers crossed this plays out as some nice pips can be caught !
looking for the final leg of the "W" so could be a nice long here just have to see how it plays !
simple setup on EG broke the channel now looking for a retest of the horizontal red line to make the 3rd touch the reject off that line to the downside . let's see how it plays .
here we have a nice short confident setup on NZDCAD, as you can see we was in a big ascending channel but then took a big reverse to the downside creating a reversal channel to the downside, it touched the downtrend line and began dropping back into its small uptrend channel which you can see , looking to make a touch on the bottom trend line of the small uptrend...
was creating a nice uptrend respecting rejects off the trend lines making higher highs and lower highs , then took a reverse after making the 3rd touch on the line creating after that a higher lower making a downtrend incoming to make a 3rd touch on the lower trend line . aswell as there's nearish divergence created on the 1hr time frame . should be a nice 50-60...
broken down trend line heavily , strong upward motion to touch the ascending trend line, rejected with a bearish engulfing candel to give us a little more confirmation aswell as there is bearish divergence indicating the bullish candles are wearing out and a possible reversal to the downside is on the way .
been rejecting trend line consistently as it broke the uptrend and created the down trend rejecting of multiple spots to create the down trend , looking to take this the bottom trend line to create the 3rd touch .