Forex Technical
Pattern Formation Confirmed
April 23, 2010
Gary Fichardt - FxBigDog
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Chart Analysis
Traders that enjoy trading with indicators, what is a really good indicator to find change in direction in the market is pattern formation as we see here on the 60 minute time frame.
Here we have a bullish pattern formation called Bull Crown. Traders that were selling short and were stopped out, now have an opportunity to recover some of their losses by following the step by step rules MTI teach.
A Bull or Bear Crown can be find on all time frames but the higher the time frame the stronger the pattern.
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Analysis
On the same time frame traders can see the bigger picture by compressing the charts. The green line represents the B low of the larger swing and we have now just closed out above the green line with a Bullish Crown formation confirming that the bulls are not ready to give control to the bears.
As we close for the week, the daily and the weekly chart will provide information to traders that buying pressure on the EUR/USD is forthcoming in next weeks trading.
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