Big Bullish M pattern found on a Bullish Market for XAU/USD on the Daily timeframe. HL is connecting with the T.L and its finds strong support and resistance on the left side.
EUR/AUD 4H timeframe shows a 1H Shooting star price action candlestick, which indicates a possible fake out above range and is also the 3rd rejection of the TL
Price has broke the T.L, made the retest on the T.L and it has created the right shoulder that has not exceed the previous high, thus forming a lower high from the head.
Possible Head and Shoulder reversal pattern found on a Bullish Market for USD/CAD.
Will be watching price action to see if it can break the T.L and retest to the 61.80% fib level before entering for a possible short.
Will also keep an eye out on DXY as on the H4 there looks like a rising wedge/triangle and as a result can break out in either direction.
Here on the Weekly time frame for AU, I can spot the descending triangle formations/pennants in the midst of a bearish market. This type of pattern occurs when there is a support level that price can't seem to break and a slope of lower highs gives me the indications a possible continuation of bearish momentum, as the sellers are pushing against the buyers....
Ascending Triangle Pennants found on US30 on the 4H timeframe. In this example, we can clearly see the dynamics of a triangle in a bullish market. Await for the end of the next 4h candlestick closure to see if pirce breaks the CTL and break through the lines of resistance for a possibility of buyers starting to gain more strength to make Higher lows (HL) and for...
The Bullish market (M) pattern found on the 1H is the BBM (Big Bullish M). The second/middle leg formed a HL and is connecting with the T.L and has also found strong support and resistance zones on the left side.
The retest of the initial high failed to surpassed the price level established by the first peak, therefore price rejects the resistance level, often appearing on the charts in the shape of a 'M'. This particular Double Top formation is the Traditional Double Tops.
