Key Observations:
Rising Wedge Pattern:
The blue trend lines show a rising wedge, which is generally considered a bearish reversal pattern.
Price action has broken below the lower trendline of the wedge, indicating a potential bearish breakout.
Price Action & Projection:
The current price is around 1.13580.
A clear breakdown from the wedge suggests further downside potential.
A projected path (in blue) shows a possible consolidation before a strong bearish move.
Trade Setup:
Entry: Appears to be around the current market price (1.13580).
Stop-Loss: Around 1.14442, above the upper boundary of the wedge (a common safe SL placement).
Take-Profit: Around 1.12219, offering a favorable risk-to-reward ratio.
This is roughly a 1:2 R:R ratio, which is considered a good setup.
Bearish Confirmation:
The break below the trendline plus the retest or consolidation suggests sellers are gaining control.
Confirmation will strengthen if price closes below 1.13300 on higher volume.
Conclusion:
This setup indicates a bearish bias with a potential strong move down if the support zone around 1.13300 breaks convincingly. The risk is managed with a stop above the recent highs, and the reward target aligns with previous support zones.
Would you like help identifying key support/resistance levels or adding indicators like RSI or MACD to confirm the trade?
Rising Wedge Pattern:
The blue trend lines show a rising wedge, which is generally considered a bearish reversal pattern.
Price action has broken below the lower trendline of the wedge, indicating a potential bearish breakout.
Price Action & Projection:
The current price is around 1.13580.
A clear breakdown from the wedge suggests further downside potential.
A projected path (in blue) shows a possible consolidation before a strong bearish move.
Trade Setup:
Entry: Appears to be around the current market price (1.13580).
Stop-Loss: Around 1.14442, above the upper boundary of the wedge (a common safe SL placement).
Take-Profit: Around 1.12219, offering a favorable risk-to-reward ratio.
This is roughly a 1:2 R:R ratio, which is considered a good setup.
Bearish Confirmation:
The break below the trendline plus the retest or consolidation suggests sellers are gaining control.
Confirmation will strengthen if price closes below 1.13300 on higher volume.
Conclusion:
This setup indicates a bearish bias with a potential strong move down if the support zone around 1.13300 breaks convincingly. The risk is managed with a stop above the recent highs, and the reward target aligns with previous support zones.
Would you like help identifying key support/resistance levels or adding indicators like RSI or MACD to confirm the trade?
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Our telegram channel daily update here guys t.me/GOLDTRDAINGSIGNAL11
Daily signals here
Daily signals here
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.