Hello Trades,
We may be forming a Descending triangle on FIL now which is a bearish continuation pattern.
Target : 6.80
Fil is now standing on a strong support, Hopefully it can hold it and this pattern fail.
Some of you gonna ask, why I drawed the lines with candles under
I wanted to post this idea on 4h chart, but it seems that the real support is closer than that of lower timeframes shows.
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Educational :
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
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Thumb up if you agree !
Follow for more.
Have a nice day.
We may be forming a Descending triangle on FIL now which is a bearish continuation pattern.
Target : 6.80
Fil is now standing on a strong support, Hopefully it can hold it and this pattern fail.
Some of you gonna ask, why I drawed the lines with candles under
I wanted to post this idea on 4h chart, but it seems that the real support is closer than that of lower timeframes shows.
-
Educational :
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Regardless of where they form, descending triangles are bearish patterns that indicate distribution.
-
Thumb up if you agree !
Follow for more.
Have a nice day.
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