Price sold below the RWP (RISING WEDGE PATTERN) to 1.20952 before a pullback to retest lower channel trend line. A retest of the lower channel trend line is the trigger for a short entry which is bearish until the next logical support region. The first support region is at 1.20867-1.20789 and the second at 1.20269-1.20198 region on the chart.
The strength of a RWP depends on the measure of convergence of the trend lines at the apex of the channel trend. This is a good pattern for a short entry within a bullish trend.
Hope you've enjoyed the read, more RWP analysis ideas are welcomed!
The strength of a RWP depends on the measure of convergence of the trend lines at the apex of the channel trend. This is a good pattern for a short entry within a bullish trend.
Hope you've enjoyed the read, more RWP analysis ideas are welcomed!