Ascending Broadening Wedge
GBPNZD Short setupAscending broadening wedge
around 70% of the time,
the price breaks to the downside.
and only 30% to the upside.
keep in mind that a Ascending
Broadening wedge have a significant
failure rate. and textbooks
advice to only trade in a breakout of
the resistance line.
I will short the price. because of more than
one technical analysis indicate, that the price
will break under the support line.
one hour chart, a H&S formation
In the ascending broadening wedge,
Correctional waves have been made
After a longer period of drawdown ( see one week chart)
i am referring to my weekly chart
ABW breaking to the upside?- LTC broke Ascending Broadening Wedges to the upside by 10%(USD87) and halving around 5%(USD83).
- If it pullbacks under USD80, this could be a failure of breaking up and be prepared for correction around USD66.3.
- If it holds and keep going up, next resistance is USD99.1 and USD110 after that.
ABW on the way?- After USD70 mark reached (mentioned in related idea), it halved a little but a upward breakout is trying to form...
- IF this upward formed, may reach USD80...
- By then, as in the Ascending Broadening Wedges pattern, the price may pullback to USD66.3, which is happened to be the crossing point of 17% average pullback rate in ABW and Speed Line E.
Ascending broadening wedge - two possible scenariosThis is an interesting move folks; identifying an ascending broadening wedge pattern has the same chance more or less to continue downward or to breakout and go upward. In my opinion, based on the bigger trend's descending triangle wedge, and the minor descending triangle wedge following it (the fib retracements placed on the graph), my bet would go towards the bearish breakout.
What do you guys think?
Below are some interesting facts to use in your strategies:
Bearish breakout
If the wedge’s lower support line breaks, the probability that the price will reverse and continue back up is higher than it falling lower. The odds are close at about 51:49.
Selling at a downward break of the mid line of the pattern greatly improves the odds of success. If the price breaks the mid line of an ascending broadening wedge, there’s a 53% chance that a further downward move will happen.
Bullish continuation
From historical currency data, there is about a 55% probability of a further bullish advancement after a break of the upper resistance line. The bullish move lasts at least for the same duration as the pattern itself.
Based on historical forex data, the ascending broadening wedge typically ends in a bearish or downwards correction in price. But only just.In 47.8% of the patterns, the upside move was greater.
Reference/Read more at:
forexop.com
Weekly Outlook for AUDCHFThere is an ascending wedge forming on the weekly chart of AUDCHF. I am expecting a reversal soon so keep your eyes out for a big move to the downside.
Amazing Setup on NZDJPYHere I am looking for another leg up to continue the broadening ascending wedge on NZDJPY. Good luck and safe trading
USDJPY IdeaWait for the down move to form in order to initiate long positions to the upside. Good luck everyone
Short Audusd : Broadening Wedge Breakout Hi Guys,
After consolidating for last few sessions, we got breakout in AUDUSD, wait till this hourly candle close and ensure it broke the broadening wedge lower trendline. After valid analysis initiate shorts in AUDUSD based on your risk reward with stops above previous swing high aiming for 0.7600's as Target 1 in Audusd.
Note : Current Audusd ( hourly candle) didn't close below lower trendline of the wedge, short only after valid breakout. Never be in hurry to trade.
Happy Trading !
EUR/GBP ANALYSIS WEDGE PATTERNS, POTENTIAL TARGET POINTS.Wedge pattern broke, the continuation of the trend must carry on moving, I believe the trends movement would be slightly bullish as the euro is gaining strength. I have placed targets of where the trend may roughly go. The current potential bullish wedge may be giving the trends formation in where the type of movement would be directed.
Current point: 0.8663
Opening point: 0.8680
Target point: 0.87040
Exit point: 0.8587
$MCD ascending broadening wedge on daily$MCD ascending broadening wedge on daily w/ gap open below. Expecting move to fill gap to 105s.
Coal India : Ascending-Broadening Wedge PatternHey Guys,
Happy Monday... We got one of the broadening types of wedge pattern and right now CoalIndia is moving between the upper n lower trendlines of wedge pattern. We can't trade at this moment using this pattern. But wait for the breakout,Once the breakout happens enter the direction of breakout.
Sometimes due to volatility of market false breakout can happen, so don't get caught on wrongside, even if that happened don't hesitate to take trade on other side after valid breakout. I have marked an area on lower trendline,what happens approx. around that area will be key factor to make decision.
Hit Likes to agree with the post.... Thanks for your support !
Happy Trading !
MCDONALDS buy setup in ascending broadening wedgeThis is a buy setup for the MCDONALDS stock, I expect another up move after the retracement which is currently taking place.
Good luck with your trading guys and thanks for the support!
EURCHF H4 Weak Potential Bullish Set-up with Ascending WedgeEURCHF Ascending Broadening Wedge, Fanning of Moving Averages
Ascending Broading Wedge is low on probabilities of bullish reversal, but it does happen and has historically with this pair.
However, the price action typically moves down further as a false sell off before a reversal.
Bulkowski
The confluence of the fanning of the moving averages is also historical and a good indicator of a potential trend reversal.
The RSI is not totally clear.
MACD is rolling downward.
D1 is due for a retracement and already attempting, but daily pinbar shows heavy bearish.
Fundamentals might get in the way! (Brexit)
Be patient with this one. Look for a 4h candle close above the 50ma. Even then ...
Ascending Broadening WedgeBuy gold until $1331 as resistance trend line. Then sell gold as target at support trend line.
Two probably patternsTwo probably patterns
1. Head & Shoulders : Target #1 at 1108
2. Ascending Broadening Wedge : Target #2 at 1085
If breakout resistance trend line two patterns is invalid.
USDJPY: Bull Pattern in a Bear MarketFollowing up on a topic we covered in last week's Monday session. Here's a perfect example of how you can have a trading opportunity that is both Counter Trend & Trend Continuation at the same time.
Remember gang, the market moves in fractals, meaning there are moves within moves and trend withing trends, within trends.
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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NZDUSD: Structure is a Big MagnetGood Monday traders.
Here is the first setup of the week. We have a pure structure based shorting setup on FX:NZDUSD . The market is moving in the wedge currently and I am waiting the price to enter the Red Zone and fall all the way down.
The reversal zone is between the structure resist and the fibs 61.8 with the confluence of look left structure. We should wait the price to enter the red zone, retest the wedge and then go short. Our targets will be next support levels: Target 1 @0.6284 and target 2 @0.62547.
Also note that we are still in a bearish market.
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