KIWI DOLLAR RALLIES AND FORMS DOUBLE BOTTOMS AS PREDICTED BY TRADING STRATEGY




This Forex Market provides many types of Candlestick Patterns that can be predicted and traded for profit. Once you know what these patterns are and how to identify them at just the right time, you can trade them for consistent gains every month for Long-Term Wealth.


This popular Currency Pair formed a Pennant Setup over the last few weeks on the Daily Chart and had attempted to start a breakout Bearish below Support. However, instead of continuing to provide USD gains, the pair began to stall. Based on the pattern of candles given at this area, it appeared that a Double Bottom Formation was taking shape that could lead to a reversal back inside of the Pennant....




DAILY CHART - POSSIBLE DOUBLE BOTTOMS?




From the first sections of my Trading Manual - available as part of the 6- Month Trading Service (SWING TRADING COURSE) - you will see that the Double Bottoms are not only very common Candlestick Patterns...













....but are also the type of signals that lead to False Breakout Reversals back inside of Consolidations...









Given this possibility, the next step was to look for evidence on the 4 Hour Chart that supported this Bullish Forecast.




POSSIBLE PENNANT SETUP 4 HOUR CHART


When the 4H Chart was analyzed, it was discovered that the Bullish and Bearish Waves were very similar to those that lead to Consolidation Setups being formed...





4 HOUR CHART - POSSIBLE PENNANT?

















Given these patterns - supported by the Trading Manual - and the strong Bullish Signal recently given, the market gave us another reason to expect a rally on this pair - and a possible trading opportunity




TRADE SETUP



This is how it was traded using my Trading Strategy.

Since the pair had not yet formed a Resistance Boundary - only 1 Resistance Point formed - what was done was to set the Trading Target to an area that could lead to the 2nd Resistance Point being formed, before the market started to pullback...












Entry took place at the close of that Bull Candle on Friday May 5, 2017 at 5 am Eastern Standard Time. By the start of the London Trading Session on Monday May 8th, the pair rallied to the target as expected....








...and led to the Double Bottoms on the Daily Chart as predicted...









THE POWER OF JAPANESE CANDLESTICK SIGNALS


This was one of the many opportunities that you can take advantage of with Candlestick Patterns and Signals. They are a lot easier to use compared to complicated Statistical Indicators and do not require the extended periods of analysis needed for Economic Data.



As long as you know the Candlestick Patterns that Support a move that the market is about to make, you can use the right Trading Strategy to maximize on these moves every week, ahead of sharp Market Reversals...











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Your Mentor



Duane Shepherd
(M.Sc. Economics, B.Sc. Management and Economics)
Currency Analyst/Trader
shepherdduane@gmail.com /(876)-3825648
Twitter: @WorldWide876
Facebook: DRFXTRADING

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Comments

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