Double Bottom and Descending Triangle

USD\CAD Double Bottom

A very precise double bottom pattern has appeared at the USD\CAD FOREX pair. The double bottom is a reversal pattern that usually indicates that reversal of trend and the beginning of a bullish movement. The size of the pattern is 30 pips and this is the projected target for the pattern.

Trading: Wait for price to pullback to the neckline before entering Long trades.

EUR\TRY Descending Triangle

A potential Descending triangle has appeared at the EUR\TRY pair. Two tops with lower highes has formed at this exotic pair, possibly creating a Descending triangle. This pattern is a bearish pattern that usually signals the beginning of an downtrend.

Trading: Touch of the Resistance trendline will signal Short trades, Breakout of neckline will trigger short trade as well.