Update on EU
So we where looking at that descending triangle with all the false breaks to the bottom we had another false break and based on these false breaks I said price should rise I looked to see if I could find a pattern to support my bias and I’ve found a broadening descending wedge
Again below is a before and after shot so you can see I haven’t just drew the pattern in. If I turn out to be wrong I’m wrong so what?
Anyway below is what I anticipated we didn’t get to much of a pull back as I thought we would but we had the consolodation before the break either way the pattern played out now we are around 20 pips from target and we should have collected around 40 pips on a agressive entry target around 60 pips.
Note this is is only a smaller pattern within a bigger pattern smaller patterns tend to pay smaller than the bigger ones but they are quicker to play out
So we where looking at that descending triangle with all the false breaks to the bottom we had another false break and based on these false breaks I said price should rise I looked to see if I could find a pattern to support my bias and I’ve found a broadening descending wedge
Again below is a before and after shot so you can see I haven’t just drew the pattern in. If I turn out to be wrong I’m wrong so what?
Anyway below is what I anticipated we didn’t get to much of a pull back as I thought we would but we had the consolodation before the break either way the pattern played out now we are around 20 pips from target and we should have collected around 40 pips on a agressive entry target around 60 pips.
Note this is is only a smaller pattern within a bigger pattern smaller patterns tend to pay smaller than the bigger ones but they are quicker to play out