#DESCENDING BROADENING WEDGE CHART PATTERN FREE#
Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. You should do your own thorough research before making any investment decisions. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You can contact us via Skype User Name: ChartreaderproĭISCLAIMER: This is a technical analysis study, not advice or recommendation to invest moneyĪUDUSD: Information on these pages contains forward-looking statements that involve risks and uncertainties. You can follow the setup: AUDUSD Wedge Pattern DON’T MISS OUT!! LIMITED TIME OFFER BASIC PACKAGE MEMBERSHIP 6 MONTHS for $ 219ĬURRENCIES FORECAST COMMODITIES FORECASTS PATTERN SETUP NEWS SUBSCRIBE Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro. Otherwise, we will enter long trade targeting 0.71500 and 0.72000. If we see a clear breakout we will add more. As we try to explain in the description part the probability of the bearish breakout is almost 50%. Note: If the pattern works as predicted and trade reaches the first target, we will close 50% of the positions and move our stop loss to entry. The Area Of The Entry: Estimated Breakout as mentioned 0.71420 Trade Based On Descending Broadening Wedge Pattern So our first trade setup:Įstimated completion time: 2-6 H4 Candle Sticks But it is very small at just 51.4% versus 48.6% the other way.
Backtests of this pattern shows that with no other factors considered, there’s a slightly higher chance that the DBW pattern will end in an upwards breakout than a downwards breakout. 0.71420 ), the pair is likely to test the lower line of the wedge. After the breakout of the blue fractal trendline ( est. China will also release Retail Sales and Industrial Production figures.Ī better than expected Chinese GDP could limit the bearish move.ĭescription of the pattern: As seen on the H4 chart, we see an emerging Descending Broadening Wedge pattern. Chinese Q4 GDP is expected to show a 1.5% advance QoQ and a yearly gain of 6.4% Y, both figures below the final Q3 readings. The upcoming week will bring Australian employment figures on Thursday, although Chinese GDP, released by early Monday has chances of setting the tone for AUD/USD for the rest of the week. AUDUSD Descending Broadening Wedge And Trade Setupīefore the description of the pattern and the details of the setup, we want to give a brief info about the fundamentals of the pair.
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