We'll be talking about the AUDCHF,which has given Us a clear picture of what we are to expect on this pair, looking at the chart above its all in a form of triangles and angular shape move. Studying the chart properly we can see some chart pattern formed from previous price-action, there are 2 important pattern in this chart that I'm going to explain, the first is a "W" shape pattern I placed a number in this format I , II , III , IV , V and an arrow from "I" till "V", look closely at the placement of each number you'll see a "W" shape in the process of doing so...Ok? what does the W mean? Well that's the market pattern anywhere you see a "W" shape on your chart it means price may go on to the opposite direction be it up or down. And the second pattern is "DOUBLE BOTTOM" looking closely at number II and IV we see only the both numbers hit that support level @ 0.68750 So what wou...
We'll
be talking about the AUDCHF,which has given
Studying the chart properly we can see some chart pattern formed from previous price-action, there are 2 important pattern in this chart that I'm going to explain, the first is a "W" shape pattern
Us a clear picture of what we are to expect on this pair, looking at the chart above its all in a form of triangles and angular shape move.
I placed a number in this format I , II , III , IV , V and an arrow from "I" till "V", look closely at the placement of each number you'll see a "W" shape in the process of doing so...Ok? what does the W mean?
Well that's the market pattern anywhere you see a "W" shape on your chart it means price may go on to the opposite direction be it up or down.
And the second pattern is "DOUBLE BOTTOM" looking closely at number II and IV we see only the both numbers hit that support level @ 0.68750
So what would we expect with the Double bottom we can expect that when a break from the neckline and a retest or a throwback happens it's would push price up further, looking at the image above it's a clear picture of a "W" shape and double bottom like an inverted triangle that's a double bottom.
This 2 important pattern gives us a clear picture of where price would go next week it's an additional confirmation to a candle sticks pattern.
Can you clearly see the "W" shape and double bottom pattern on my chart? The white arrow by the right shows the throw back that happened to my support (The blue Horizontal line) and now price is planning to push up further.
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