Descending Triangle - EJ

25 sept. 2023

EUR/JPY price action is outlining what LOOKS to be a possible Descending Triangle!

Descending Triangles, made of Lower Highs into a Support zone, typically mean BEARISH momentum is starting to step in!!

*Descending Triangle will be Tried and True if price action is able to break down below 156.579!
**Price breaking up above Top Leg will INVALIDATE Chart Pattern!

-Keep in mind, Chart Patterns are known to fail 1/3 of the Time!
-BE AWARE OF FALSE BREAKS!

27 sept. 2023

Note

Price has found its way back down to the Support Zone!!

-Will Price finally give us our Bearish Break of the pattern?!

29 sept. 2023

Note

Price has given us a Bullish Break of the pattern! Is this a False Break?

Price must find its way back into pattern or the opportunity goes to the Bulls using the Falling Resistance as a push point to reach higher!

2 oct. 2023

Note

Price has in fact made a FALSE BREAK and is currently BACK IN PATTERN!! Bearish Bias stands so watching for BEARISH BREAK!!

3 oct. 2023

Note

We got the STRONG BEARISH BREAK this hour!!! This initiates my Trade Action Plan!

Stayed Tuned!!