Double Falling Wedge Pattern EURUSD 5M

Double Falling Wedge Patterns tend to breakout topside more often than not.

Comment:

Comment:

Keeping eyes on EU as it reaches apex, wedge loses buyer confidence, the longer it takes.

Apex in purple:

Comment:

Earlier wedge invalid.
Buyers holding new support level. @ 1.11300
Could mean wedge will move towards new 15M timeframe support in red.

Comment:

Oops 1.11330 instead of 1.11300

Comment:

New support @1.11330 broken but with massive bullish pin bar, closing just above that level:

Comment:

NOTE: backtest falling wedge evolving into downward channel with larger apex.

Trade active:

Comment:

Reached resistance.
Noticing a lot of buyers taking profit here again.

Comment:

Confirmed early buyer failure to breach resistance level on 1M chart.

Comment:

Earlier channel resistance could become support.

Comment:

This might be the reason why we're not getting higher highs.
Rising wedges are often reversals of uptrends.

30M:

Trade closed: stop reached:

Break stops reached with a bit of slippage on the side.

NOTE TO SELF: falling wedge pattern was success, even within a larger timeframe rising wedge. However, buyers failed to punch resistance three times now. Downfall is almost certain at this point. Closing analysis.