USDCHF Rising Wedge fits the bigger picture.
Updated
As seen on the 4hr chart we can see a rising wedge being formed, the support is valid but not yet confirmed.
The bigger picture on the right is a rising wedge on the daily. This one is confirmed multiple times.
There is a chance the bigger wedge is ready to break after this one but that will be in a new analysis later on.
First things first:
As said, we want some confirmation of this wedge before entering.
What makes things uncertain is the fact that I believe that this bigger wedge will act as a resistance for this one, what means it will be tight to test the support of the small wedge and the resistance of both within' this short time.
This trade I will set entry SL and targets as shown on the chart already and won't be waiting for a breakout.
I do think we can get this entry, if not I'm watching for the breakout and update the values of entry etc.
This way we do have a RR of 2.7 what makes it worth the shot.
Thanks for reading and I really would appreciate some feedback!
Wesley
The bigger picture on the right is a rising wedge on the daily. This one is confirmed multiple times.
There is a chance the bigger wedge is ready to break after this one but that will be in a new analysis later on.
First things first:
As said, we want some confirmation of this wedge before entering.
What makes things uncertain is the fact that I believe that this bigger wedge will act as a resistance for this one, what means it will be tight to test the support of the small wedge and the resistance of both within' this short time.
This trade I will set entry SL and targets as shown on the chart already and won't be waiting for a breakout.
I do think we can get this entry, if not I'm watching for the breakout and update the values of entry etc.
This way we do have a RR of 2.7 what makes it worth the shot.
Thanks for reading and I really would appreciate some feedback!
Wesley
Trade active
My aggressive entry has been triggered. Now watch what will happen.
Thanks for following and the likes!
Note
Testing the support at the moment, this will be an exiting moment to see if the bears are strong enough to break it.There is always a opportunity it goes back up but we’re sticking with the plan.
Trade closed: target reached
Got a ping that the target has been reached!We got this one because of the early entry, the drop could continue more since the profit was calculated on a breakout much later on the wedge. This doesn't influence the profit but it does on the looks of the broken support.
The support of the bigger wedge on the higher timeframe as seen on the first update has to be tested now.
While not being in it, we will keep an eye on it.
If I think this one is about the break we can trade it with a short which probably going to be a long swing trade with a good reward of it works.
Thanks for following, the bigger wedge will get his own article.
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