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PROSBUSD

PROSBUSD - Descending Channel (with Breakout to Upside) Pattern?Price channels are a trading concept that is borrowed from the traditional trend line concept. Instead of plotting a simple trend line, the price channels comprise of two trend lines, upper and lower trend lines. Trade signals are taken when price breaks out of the upper or lower trend lines or the price channel. When combined with support/resistance methods and candlestick patterns trading price channels offers a great way to trade the markets. It is worth mentioning however that price channels trading requires quite a bit of practice and analyzing the market structure. Here, it looks like a descending price channel. We had fake breakouts to the downside and to the upside, followed by a real breakout to the upside, now we have retested the channel and the price seems ready to go up to the horizontal levels represented in the graph. Let's see how this goes from here.
PLong
by fortitude23
1
PROSBUSD - Double bottom pattern?What is Double Bottom Pattern? The double bottom pattern looks like the letter "W". It indicates an trend and momentum reversal in a particular asset. It is best for analyzing the intermediate to longer-term view of a market. Double Bottom Pattern one of the most reliable reversal pattern after Head and Shoulders Pattern. How does Double Bottom Pattern Work? Double Bottom Pattern works in two phases: Phase 1: When the major trend is downtrend and forms the first down peak, then from the support the prices bounce to a new higher resistance and unable to break that resistance. Phase 2: When prices are not able to break the resistance it again goes to the same level and take support form similar levels forming second down peak also double bottom . Again due to demand the prices rises up to the resistance and break that resistance. Increase in volumes during breakouts further confirms the reversal move. This marks the completion of the pattern. Above Chart Explanation: This is the daily chart of PROSBUSD here we can see in a downtrend prices take support and forms a down peak one and took support form there and bounce back to the above resistance. But prices were not able to break it instead prices got rejection from resistance and the prices again go down forming second down peak. This is where we are NOW . What next? Well, after taking support the prices should bounce and break resistance. There usually traders enter on the breakouts and target the next resistance.
PLong
by fortitude23