Here we have a Descending triangle formed, this is a bearish continuation pattern and are formed in an overall downtrend, if you get the 4h chart up and zoom out you will see we are in an overall bearish market.
Descending triangles are a good signal, but we still have to watch and wait for a breakout of this triangle as nothing in Forex is guaranteed, a breakout of our trend line to the upside could see price retest our trend line and us it as support.
We are expecting price to break this triangle to the downside though and we could possibly see a sizable move as price in a descending triangle is getting squeezed and often explodes ( like a bear with a bad head )... its just a waiting game now.
Please remember to have patience and wait for this setup to play out, wait for confirmation and don't trade the breakout as soon as it happens!
Clients will be notified if this trade becomes valid.
Descending triangles are a good signal, but we still have to watch and wait for a breakout of this triangle as nothing in Forex is guaranteed, a breakout of our trend line to the upside could see price retest our trend line and us it as support.
We are expecting price to break this triangle to the downside though and we could possibly see a sizable move as price in a descending triangle is getting squeezed and often explodes ( like a bear with a bad head )... its just a waiting game now.
Please remember to have patience and wait for this setup to play out, wait for confirmation and don't trade the breakout as soon as it happens!
Clients will be notified if this trade becomes valid.