- Price forming rising wedge, anticipating breakdown following recent rallies
- Double top formation indicating failure to produce fresh highs, anticipating reversal of market bias to bearish
- Will be taking double entry, first target to take partials at 1.4 and second at 1.38, 1:4RR and 1:12RR
As you can see on the 1 hour chart, price has broken out of channel and dropped to pivot. We can see a bullish engulfment candle at the pivot suggesting price may be moving up to retest the channel. I am hoping to get a rejection at the 0.382 fib level as that is a demand zone. I will be waiting for price to see if it could move up to my demand zone and see if we...