Descending Triangle - EJ

Sep 25, 2023

EUR/JPY price action is outlining what LOOKS to be a possible Descending Triangle!

Descending Triangles, made of Lower Highs into a Support zone, typically mean BEARISH momentum is starting to step in!!

*Descending Triangle will be Tried and True if price action is able to break down below 156.579!
**Price breaking up above Top Leg will INVALIDATE Chart Pattern!

-Keep in mind, Chart Patterns are known to fail 1/3 of the Time!
-BE AWARE OF FALSE BREAKS!

Sep 27, 2023

Note

Price has found its way back down to the Support Zone!!

-Will Price finally give us our Bearish Break of the pattern?!

Sep 29, 2023

Note

Price has given us a Bullish Break of the pattern! Is this a False Break?

Price must find its way back into pattern or the opportunity goes to the Bulls using the Falling Resistance as a push point to reach higher!

Oct 2, 2023

Note

Price has in fact made a FALSE BREAK and is currently BACK IN PATTERN!! Bearish Bias stands so watching for BEARISH BREAK!!

Oct 3, 2023

Note

We got the STRONG BEARISH BREAK this hour!!! This initiates my Trade Action Plan!

Stayed Tuned!!