Potential Short on SPXPX is currently in an ascending wedge with bearish RSI divergence wait for a break of trendline and retest of support before taking a position with stoploss at last swing high and target at next area of support, moving SL to BE when safe to do so and then follow with a trailing stop looking for a bigger move down. Good luck traders.
Wedgepatterns
✅TESLA BEARISH WEDGE PATTERN BREAKOUT|SHORT🔥
✅TESLA was going up in
A bearish wedge pattern
But after the stock retested
The horizontal resistance
Of 208$ it broke out of the
Bearish wedge pattern and
The breakout is confirmed
So we are bearish biased
Now and we will be expecting
A further move down
SHORT🔥
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Latentview : Symmetrical WedgeAfter hitting all three of our previous targets the NSE:LATENTVIEW is currently exhibiting characteristics of a symmetrical wedge pattern, indicating a potential period of consolidation and indecision in the market. A symmetrical wedge pattern is identified by two converging trendlines, both sloping inwards. This formation signifies a period of decreasing volatility and tightening trading ranges as the highs and lows of the price action gradually converge. The symmetrical wedge pattern is considered a continuation pattern, implying that the prior trend, in this case, the prolonged upside run, could resume after the pattern's completion.
Breakout Strategy:
To effectively capitalize on this pattern, traders should exercise patience and wait for a confirmed breakout from the symmetrical wedge formation. A breakout occurs when the price decisively moves above or below one of the trendlines, accompanied by significant volume, signaling a shift in market sentiment.
Confirmation and Risk Management:
It's crucial to wait for confirmation of the breakout and avoid preemptive entries. Additionally, traders should implement proper risk management techniques, such as setting stop-loss orders to mitigate potential losses in case of a false breakout or adverse price movement.
Conclusion:
In summary, the formation of a symmetrical wedge pattern after a long upside run on the NSE:LATENTVIEW chart suggests a period of consolidation and indecision in the market.
Chart Patterns (Lesson 1)~ The Misleading Rising Wedge The Misleading Rising Wedge on Ethereum
Over the past few weeks a prominent trader who I admire has been adamant about Ethereum forming Rising Wedge, which is a bearish reversal pattern. I disagreed with this view but acknowledged the concern raised as any reasonable trader would. However, It caused me a bit discomfort as I have a large position in Ethereum since 2022 BUT I stuck to my guns and held my position.
Folks, this wedge caused me enough discomfort that I needed to dig a little deeper on it and what I found is surprising to say the least. So lets have a look at THE WEDGE.
What is a Wedge Formation?
“Wedges are clearly defined patterns of converging price trend, pointed sharply up or down; they forecast a reversal of the trend which forms them”.
From Richard Schabacker - Technical Analysis and Stock Market profits.
The Rising Wedge will have slightly higher highs and higher lows compressing into an upward leaning point. The Rising Wedge is typically viewed as a bearish reversal pattern as it demonstrates waning price action with smaller thrusts and smaller declines showing a potential exhaustion of price action followed by a sweeping reversal.
The Ethereum Dilemma
On the 4th December 2023 I shared the below picture to illustrate a dilemma, was price forming a Rising Wedge (Bearish Pattern) or an Ascending Triangle (Bullish Pattern)?
Turns out either way it’s not necessarily bearish as a Rising Wedge can continue in an upwards trajectory and breakout to the upside. I have found 4 examples of bullish Rising Wedges that are recent or relevant, I tried my best to find similar price action and structure also.
The four Rising Wedges in the main chart above have a few characteristics that give them an upwards breakout plausibility;
1. Most importantly the On Balance Volume (OBV) indicator is rising. Increasing volume helps the plausibility of continued upwards momentum, whilst decreasing volume would warrant caution of a possible breakdown and reversal of price direction. Remember the Rising Wedge is defined by waning and exhaustive price action (smaller thrusts and declines compressing to a point) and declining volume is suggestive of such exhaustion/lack of interest.
- Going forward we should carefully monitor the volume on Ethereum as Schabacker does warn of false break outs and false break downs in Wedges. In the event volume starts to decline, breaking its trendline or taking out recent lows, this could be an early warning sign that we need to reduce position size and prepare to exit. Just something to keep in mind.
- The volume on Bitcoin and Ethereum for the Rising Wedge bullish thesis is a little rocky compared to the BlackRock and Ultratech charts volume which both have more consistent upward volume pressure. Just another observation.
2. All four charts have a 200 weekly moving average that is slopping upwards with price above it or price eventually establishing above the 200 week.
3. Each target is a measured move by taking the widest two touch points on the thickest side of the wedge and placing that length of width at the breakout point to establish the target (red arrows on charts).
4. The top two charts (BlackRock and Ultratech) show that price struggled once it met the prior all time high. These were stiff resistance areas for price either in the wedge or immediately the wedge for 21 – 26 weeks of consolidation price action.
- In the event this happens with CRYPTOCAP:ETH , we could see significant resistance at $4,600 (All Time High) for a period of 20 odd weeks or something similar. We could at minimum expect resistance at this level as wedges identified illustrate this is a possibility.
5. Another clear pattern on all four Rising Wedges is that prior to wedge formation, the price reached an All Time High, then significantly declined to form the base of the newly forming wedge. I would also argue that the compression or underside angle in all four charts is to a greater degree than the compression from the ceiling forming on the wedge. I realize this is open to your perception, but that’s how I see each charts pattern.
We are now aware that Rising Wedges can be bullish formations and that increasing volume contributes positively towards the possibility of a break to the upside. You might still be wondering…which was Ethereum an Ascending Triangle or a Rising Wedge.
Let’s ask Schabacker....
I would argue that Schabacker’s description below may indicate that Ethereum was in in fact forming an Ascending Triangle.
Schabacker advises under the heading THE WEDGE MUST BE STRICTLY DEFINED “The Wedge must point sharply up or down. A converging pattern which is projected on the chart in a nearly horizontal direction is more apt to partake of the nature of a true triangle, and the student will note that the forecast in that case would be quite different”
Ethereum’s Wedge was not pointing “sharply up” and you could argue that the line was “nearly horizontal” either by degrees or by selecting other very close points of contact. Combine with this my earlier observation that the price underside compression angle was far greater that the upper lines weak slant.
A major reassurance to me in this ETH trade was when I discovered that increasing volume can offset the bearish tone of a rising wedge. It gave me something to monitor and helped keep me on the right side of probability.
I really hope this short review of rising wedges can help you stay on the right side of probability.
PUKA
MATICUSDTHi guys
I consider the above scenario valid only under the condition of maintaining the support range of $0.6884.
Be careful, we have network upgrade for February 6.
What do you think?
ADAUSDTAm I the only one who finds it attractive?
Or do you think it's attractive too!!?
My opinion for the rise is strengthened only by the consumption of the $0.5402 resistance range.
The $0.4745 range is low risk. But we have to see if the resistance range will be broken first
what do you think!?
Prediction of USDX with Elliot's wave cycle 12.02.2024From the previous price and chart of pattern. About my understanding I think wave quite be like this and nowadays price pattern look like falling wedge.
So, maybe have a probability to rising first and cannot do higher high then sideway down
likes the path on the picture.
AUDCHF Bullish UpdateAUDCHF
price is attempting a bullish breakout of the Wedge pattern, If price manages to break above the structure I expect the price to move higher towards next resistance area.
Trade Wisely
*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
EURCAD/LONGThis video was just a quick technical analysis of eurcad basically breaking down market structure and the behavior of the market. in the video i show you guys how you can make a thesis or gather information from a simple pattern. mainly if you see a pattern you can draw your support and resistance levels at the top or bottom of these patterns and look to your left and gather information on WHY market made pattern at a certin level.
EURCAD/LONG
NPF shark pattern Bearish #eurusd DONT TRADE NEWS BUT LOOK AT ITHONESTLY
WOW!!!! THIS IS THE REASON WHY I DON'T TOUCH NEWS... i trust my analysis but its usually a 50% odd that a trade will go in my favour with high impact news lol
Still this eurusd trade would have been sweet, if i had the balls to trade news lol
Short on US30 US30 has broken out to the downside of an ascending wedge with the trendline going back to the start of November with bearish RSI divergence. Entry on break of support and target at next resistance level @ 36300, I will also keep an eye out for a fib retrace level @ 34200. Happy trading.
Harmonics don't work...Here's how I find my set ups I thought I'd share with you guys the process I use to find my shark setups, this is a strategy I've back-tested and tested several times. I must say textbook harmonic talk poop, the values I use work but the set-up I see written for the shark uses different values. I noted this and thought about it for a minute - then I said so can I break the rules or amend it, because what I see is making sense but following the book is frustrating me lol...
I mean it got through to me through multiple accounts including personal and funded accounts - (side note I'm not rich) hopefully this helps to to understand how I spot moves.
As long as you journal then you have a chapter to start from and that 1!!!!!
EUR/USD Potential Bullish MoveA few qualifications for this trade are...
•Falling Wedge Pattern
•“Hidden” Divergence on the MACD.
If we start trading back above 1.0900 and the pivot zone, a target of 1.1150 (Median level) wouldn’t be unreasonable.
I'm going to keep an eye on long positions and see if we can begin trading higher.
CANDYUSDT - KUCOIN LONG SETUPAs we can see that candyusdt forming a falling wedge with bullish divergence after printing double bottom pattern.
If the bulls took control , the possible resistance level are mentioned.
NFA
DYOR
DXY is hitting resistance of massive broadening wedge. Big moveThe INDEX:DXY is hitting resistance of massive broadening wedge. Big move up or down coming.
If it closes above the wedge line, look for it to climb higher.
If it can't break through, look for it to retest the bottom of the wedge.
If it starts to fall, stocks and Bitcoin will rally.
INDEX:DXY COINBASE:BTCUSD NASDAQ:QQQ
SOLUSD approaching 3 month trend support. Move likely soon.Solana is approaching the med-term trend line which is also at the point of a huge symmetrical wedge.
Solana is going to make a BIG move soon. History says trend is your friend so if that holds true look for a test of the top of the channel.
If it breaks through the top of the channel and resistance trendline and closes above on the daily, look for a big move higher, while testing the two previous recent highs.
If the price breaks below the trend on the daily, look for the price test next support area down.
#Solana #SOL #SOLUSD #SOLUSDT
AudNzd Formed A Bullish Falling Wedge Pattern!Looking for Impulse Up.
AudNzd moving up soon. AN formed a bullish wedge pattern to move up. You have to wait for TL break out with strong bulls candle then get in on retracement. It's important to have your own rules on RR and adhere to them. This trading idea is intended to assist you and enhance your knowledge. If you have any questions, please ask me in the comments.
Learn & Earn!
Wave Trader Pro
Potential Short on BTCBTC is currently in an ascending wedge with bearish RSI divergence wait for a break of trendline before taking a position with stoploss at last swing high with target at next area of support, moving SL to BE when safe to do so and then follow with a trailing stop looking for a bigger move down. Good luck traders.