I have just entered a short trade on the GBP\JPY, on a descending triangle chart pattern. The reason is simple: this pattern is a bearish pattern that in 73% of the cases indicates a bearish reversal.
Moreover, price has broken downwards the support trend line and has performed 2 accurate pullbacks to test the level from below. I have entered the trade on the 2nd pullback and there is high chance price will continue downwards.
From a long-term point of view we can also see that GBP\JPY and USD\JPY are in a big Double Top pattern so this is another sign of bearish trend, which confirms this signal further.
Incoming search terms:
- forex chart pattern
- best mt4 reversal indicator reviews