Germany 30 Index Rising Wedge Pattern Near Break
Updated
Looking at the German30 we can see a solid rising wedge pattern formed, and running out of room.
Although we are not ready to enter a trade quite yet, we can start planning our trade now.
Should there be a downside break as expected the pattern shows about a ~520$ move should be expected. Multiply that by our chances of reaching the target (0.63 or 63%)
we get a target of ~329$ from our break point.
SO our basic trade plan:
Entry: after a bar closes beyond the bottom of the wedge (risky), or after one full bar opens and closes beyond the pattern (fully confirmed)
TP: 325$-330$ from break point
SL: At the top of the pattern, around 13200-13250
R/R: should be approximately 2
ALL of these numbers are subject to change once the pattern actually breaks.
Pattern information and accuracy ratings here: thepatternsite.com/risewedge.html
Although we are not ready to enter a trade quite yet, we can start planning our trade now.
Should there be a downside break as expected the pattern shows about a ~520$ move should be expected. Multiply that by our chances of reaching the target (0.63 or 63%)
we get a target of ~329$ from our break point.
SO our basic trade plan:
Entry: after a bar closes beyond the bottom of the wedge (risky), or after one full bar opens and closes beyond the pattern (fully confirmed)
TP: 325$-330$ from break point
SL: At the top of the pattern, around 13200-13250
R/R: should be approximately 2
ALL of these numbers are subject to change once the pattern actually breaks.
Pattern information and accuracy ratings here: thepatternsite.com/risewedge.html
Trade active
Entering trade here ~13059TP: ~12725
SL: previous swing high ~13200
Trade closed: target reached
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