Day Trading Forex with Price Patterns [PDF]

Summary
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Day Trading Forex with Price Patterns – Book

we have another example of how well this pattern performs. The logic behind this pattern is obvious and you have probably figured it out. The sellers are not letting go easily of that level where the horizontal trend line is, but the buyers are very persistent and they start to push the price higher and higher making higher lows.

Eventually, the sellers will admit defeat and stop entering sell orders at that horizontal line. They will have no choice because every time they sell the buyers push the price back up to where they sold and trigger their stop losses. The sellers are outnumbered; the buyers have clear control. After that, the pattern breaks and the buyers resume the trend established by that previous impulsive move up.