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Ascending Broadening Wedge

American Express ascending wedge fakeoutAXP has been in an ascending wedge pattern since February. Although ascending wedges see the price climb until their apex, they are a bearish pattern. The price target measured from the point of the breakdown is equal to the left side of the wedge, which I have cloned and placed. To be fair, the wedge has not yet broken down. In fact, quite the opposite. Today the price climbed above the wedge pattern, but it did so on light volume. Typically, long pattern break outs do not occur on low volume and tend to snap back into the pattern. I took this opportunity to enter a short position at $105 in both stock and $101 strike long put options, betting on the price at least re-entering the pattern and more than likely testing the lower boundary of the ascending wedge pattern as well. Overall, the wedge seems to have run its course so furthermore it is fairly likely we will see a complete breakdown of the ascending wedge pattern in the coming weeks, in which case I will be adding to my short position on confirmation (i.e. move out of the lower support line on heavy volume) of the breakdown. Wedges are among my favorite and most successful patterns to play as you will see going though my post history. ------------------------------------------------------------- As always, the responsibility for managing your position is your own. I am not a financial adviser nor is any content in this post intended to be financial advice. The information presented is my opinion, based on tools I have learned from others sharing their opinions and my experience in the markets. I share these ideas to generate discussion and have others critique my analysis because, as always, I am still learning. With that in mind, the outcome could be quite different than what I am predicting and this is for entertainment purposes only. It should not be considered financial or investment advice of any kind. Readers should consult with a financial or investment professional to determine what may be best for their individual needs.
NYSE:AXPShort
by Bullish_Harambe
AMC Ascending wedge short.AMC has been getting some decent hype with its subscription service, but the company is still far from profitable and not expected to be until next year. Technically the stock is in an ascending wedge pattern, which is bearish and is encountering some heavy, historical resistance levels. In addition, the stock price is sitting near the top end of the wedge channel and overbought on the RSI offering an attractive entry for shorts. I will be shorting with put options expecting the price to drop into the 16.50 range to re-test the bottom of the wedge pattern. I will close my puts there and re-buy if it breaks down out of the wedge pattern lower. I do think the wedge needs to play out a bit more, as it is fairly far from the apex, so I think its a bit premature to predict the wedge will break down at this point, but the TA does point to a price target of $10.15 before a sustained up-trend can occur, likely based on profitability next year.
NYSE:AMCShort
by Bullish_Harambe
1
ZILBTC Double bottom and triangleAt the moment the coin looks optimistic, it can fluctuate in the range of 0.0000105-0.0000108, but has a high potential to break through resistance shown on the chart. The price is going to test upper edge of descending Triangle in case of success it will break through it and consolidate above resistance of Ichimoku clouds zone. Which will bring significant growth. ZIL found its support and the price is at the Double bottom pattern which is being formed now. Indicators suggest it will be finished which will bring the price outside of mentioned triangle and resistance. Signal with targets, buy zone and stop loss is in the Premium
Long
by Skyrexio
1
Possible Ascending Wedge on the 15-MinuteThere seems to be broadening wedge on the 15-minute chart. Price movement is contained and is alternating between the two non-parallel trend-lines (white lines). This tends to suggest the end of a rising price trend and the start of a reversal. Good risk/reward ratio. Will short here. Average Entry Price: $9435 Stop Loss: $9603 Final Target Price: $8884 Risk/Reward Ratio: 3.07 I will also be watching the $9200 level, as there is decent support there. Will update accordingly.
KRAKEN:BTCUSDShort
by KashifWasHere
BTCUSD Bear Flag in Ascending Broadening WedgeBTCUSD appears to be forming a bear flag within an ascending broadening wedge. Based on this assumption, I am expecting an inflection around 8,400-8,600, which would be at the 38.2% fib level, running from the local bottom of 6,400 to the local high at 9,750. In alignment with the ascending broadening wedge, this would be the second touch of the bottom trend line (there are typically three touches of the top and bottom trend lines before an upwards breakout). Please note that the bear flag pattern may extend further before breaking down, thus I am moreso observing the pattern as it develops rather than trying to call the tops. Follow at your own risk, as there are often bear and bull traps along the way, and as always - BUY THE FKING DIP.
BITFINEX:BTCUSD
by checkm8
4
BTC - Ascending Wedge and Possible Head and Shoulders formingWolves, We have a H&S pattern forming on the 1H chart with RSI bearish divergence also appearing (yellow) indicating a possible drop pending which would confirm the head pattern. We currently have 2 trend line supports - short term (yellow) and the ascending wedge (blue), if we fall through both, this would confirm the head pattern and could see us head back to the 7850 mark before a bounce, thus starting the right shoulder pattern. Action to take - If we fall through the short term support (yellow) I will open a short, starting with a relatively small position and adding to it once we break the ascending wedge support (blue) Short targets - Short term 8600-8650 8500-8550 8400-8450 8200-8250 7950-8000 Mid term 6600-6700 4800-5000
BITFINEX:BTCUSD
by CryptoWolfPack
2
NZDJPY Technical and fundamental The price is forming an anti new cypher, with fibonacci drawn from 0 to 1 Where a less risky entry will be at 80.430 which is also 1.618 on fibonacci. The price is also performing a 5 wave sequence where the Minute have enden and startet the correctional waves with Minuette and a W,X,Y,X,Z correction inside an ascending broadening wedge. A correction is in place for the Minute waves where 78.532 and 77.982 are support levels which is also ((x)) and (iv) waves 77.982 is 0.78 on fibonacci where 78.532 is 1.0 on fibonacci. If you draw fibonacci from ((iii)) to ((0)) the 80.430 level is also 0.786 on fibonacci drawn from that levels. ------- We have a lot of important macroeconomic data that can effect the price fluctuation. Tuesday economic numbers from china is coming out and Australia, New Zealand also. Thursday we also have a lot of volatile data coming out from australia and NZ Good numbers are expected both Tuesday and Thursday, which can drive the prices higher. while not so favorable numbers from china can drive the prices down eminently. This can support the retracement to 78.532 and 77.982. before further upside. Next week from 23 April to 27 April we also have high volatile numbers coming out with BOJ to release interest rate statement.
Short
by Fx-AlphaStrats
1
YOYO Trading Idea with Trend and Pattern AnalysisHere we can see YOYO on the 4 hr chart after it's recent breakout. There are a few things going on here. First, I used trend lines to explain previous price action, and to identify a potential bottom for YOYO. The initial up-move after the Spring transitioned into a sideways trading channel, which is normal Price action may have formed an Ascending Broadening Wedge pattern, see below to see an explanation of what that is: excellenceassured.com The first time YOYO entered this pattern, it did not have the strength to break out, which is expected since it had only just sprung from the bottom. After some consolidation, it appears we may again be in an Ascending Broadening Wedge pattern, only this time it's larger, with more volatility. If we are indeed in this formation, there should be an A,B,C,D,E,F pattern before YOYO makes an ultimate decision to breakout or not That is where the trouble lies, as no F point has been established yet. This will happen when price once again touches the lower green line. This is why it may be wise to wait for further price action so that a reasonable entry can be made. I highlighted this area in yellow. Ultimately, I am very bullish on YOYO, and if this coin doesn't wanna mess around then I believe it could just break out without ever touching back down. But I think it is a less likely scenario, and I'd imagine it would require some heavy volume. As always, we shall see how this plays out :) Happy trading!
YLong
by darth_bitcoin
WOLFE WAVE TRADING STRATEGYBest Wolfe Wave Strategy – Bearish Wolf Wave When trading the best wolfe strategy you will find that after the entry was triggered your position should show you an immediate profit. This is because the reversal pattern that emerges from the wolfe wave chart pattern is very violent. Once we’ve got the first five waves we have the general setup of the wolf wave. After the last wave has broken below the range channel it’s the time to get ready for some action. Step #1: Prior to the Bearish Wolfe Wave Formation look to have a clear Bullish Trend Firstly, before the first wave to develop we need to have a clear trend that needs to be reversed. For high probability trades we want to see a prior bullish trend before the bearish wolfe wave develops. This step is quite essential if you want to correctly trade the wolfe pattern. Step #2: Try finding a 5 wave move that can be contained in a channel. Last wave 5 must break outside the channel. A valid wolfe wave is composed of 5 waves that follow some simple rules. However, the most important rules are that wave 2 and 4 must be contained within the channel created by Wave 1 and Wave 2. Secondly, wave 5 breaks outside the trendline created by wave 1 and wave 3. Step #3: Buy after we break and close inside the Price Channel. At the moment when the price enters and closes back into the price channel, we want to enter a position. We like to wait for the close inside in order to eliminate possible fake breakouts. Note * If we don’t get a close back into the price channel we don’t have a valid trade signal. Another sign to look for is how quickly it goes back into the channel. We prefer to only trade the wolfe patterns that retrace very quickly back into the range. This is a sign that smart money reversal are at work. Remember, in trading you only want to trade the high probability trade setups. Step #4: Draw a trendline that connects the wave 1 high and wave 4 low and extend it in the future. Take profit when the EPA line is hit. The line that connects the wave 1 low and wave 4 high is called the wolfe wave EPA line. The EPA line stands for Estimated Price at Arrival and it’s an effective take profit strategy. The EPA line main purpose is to show at what price the market will extend after it reversed the previous trend. Note* If the EPA line is too steep, often time it means that the price will never reach it. In this case you want to take profits early. Step #5: Hide Protective Stop Loss below Wave 5 The protective stop loss can be located below the last wave or wave 5. This strategy gives us a very tight stop loss which is good for our risk management strategy. Obviously that a break below wave 5 means we also break first below the channel and this will invalidate the validity of the wolfe wave chart pattern. The wolfe wave strategy is a trading strategy built around waves the same like Elliott Wave trading. We use other trading concepts like channeling and price symmetry to find the best possible trade signals. If the trade works in our favor then we have a really good chance to have a good trade in terms of risk to reward ratio. With trading experience it will become much easier to spot the wolfe wave patterns. Note** the above was an example of a SELL trade using the best wolfe wave strategy. Use the same rules for a BUY trade. To find the complete Wolfe Wave Trading Strategy visit our website - Our Website: tradingstrategyguides.com
Short
by Tradingstrategyguides
4
Wolfe Wave Bearish Facebook Day TradeStep #1: Prior to the Bullish Wolfe Wave Formation look to have a clear Bearish Trend Step #2: Try finding a 5 wave move that can be contained in a channel. Last wave 5 must break below the channel Step #3: Buy after we break and close inside the Price Channel. Step #4: Draw a trendline that connects the wave 1 low and wave 4 high and extend it in the future. Take 1/2 profit when the EPA line is hit. Run with rest. Step #5: Hide Protective Stop Loss below Wave 5
NASDAQ:METAShort
by Tradingstrategyguides