GBPCAD, 2 double bottoms, where next?
Updated
Hello guys,
In GBPCAD case, we have 2 double bottoms, the first one highlighted in green, the second one in blue, most likely we will have the following scenarios :
1- The first move will be probably downward to test the 1 H chart double bottom neckline (highlighted in blue/ level 1.6855).
2- Firssecond move will be probably upward to resume the uptrend of the first double bottom ( highlighted in green).
3- If the price goes above the red trendline, we may see a downward move to test the neckline of the first double bottom ( highlighted in green/ level 1.699-1.6967 ).
4- price will resume the uptrend to the second red trendline.
remember, Always wait for confirmation before entering these trades, and apply proper money management.
Thanks
In GBPCAD case, we have 2 double bottoms, the first one highlighted in green, the second one in blue, most likely we will have the following scenarios :
1- The first move will be probably downward to test the 1 H chart double bottom neckline (highlighted in blue/ level 1.6855).
2- Firssecond move will be probably upward to resume the uptrend of the first double bottom ( highlighted in green).
3- If the price goes above the red trendline, we may see a downward move to test the neckline of the first double bottom ( highlighted in green/ level 1.699-1.6967 ).
4- price will resume the uptrend to the second red trendline.
remember, Always wait for confirmation before entering these trades, and apply proper money management.
Thanks
Trade active
Trade is active, The pice went a little above the first red trend line, now it's going down to probably test the double bottom neckline (in blue). after it will reach it, most likely the price will reverse to resume the uptrend.Disclaimer
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