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Ascending Broadening Wedge

EUR/JPY- Ready for a breakdown?On March 7th, EUR/JPY made a low print of 124.40. Since then, the pair has been moving higher in an ascending wedge formation. On October 21st, the pair attempted to breakout above the top trendline of the pattern, reaching an intraday high of 148.40. However, Japan’s Ministry of Finance stepped in and intervened in the fx markets by buying Yen. That was the last time EUR/JPY touched the top trendline of the pattern. As is often the case, when price fails to break out of one side of a pattern, it moves to test the opposite trendline of the pattern. The expectation for an ascending wedge is that price will break lower as it nears the apex. The target for a breakdown from an ascending wedge is a 100% retracement, or 124.40 in this case. On December 2nd, EUR/JPY pierced through the bottom trendline, reaching its lowest level since early October at 140.77. On December 5th, the pair moved back into the ascending wedge, closing at 143.38. Will the bottom trendline hold or Is EUR/JPY finally ready to breakdown? If price breaks below Friday’s low at 140.77, it could be off to the races. First support is at the 200 Day Moving Average near 139.20. Other support levels ahead of the target are at 137.38, then 133.41. However, if the pair continues higher within the wedge, the top trendline of the pattern crosses near 149.20. If price reaches this level, one must use proper risk management as Japan may intervene in the market once again.
by FOREXcom
GBPJPY: Asscending Broadening WedgeWe will be looking for a 3rd, possibly 4th tap of the resistance. Appying the 1% rule to this trade, i will split my overall into 2 trades. ... 1st trade will be the 3rd tap with a 35-40pip S/L.> as GBPJPY you will want a bigger S/L as it moves faster and most spreads reach for S/L's.... 2nd trade will be the possible 4th tap of the resistance, to hopefully get adn even better entry, Presuming the price will break out of the wedge to the downside. Another thing to consider is GBPJPY's impulses. Ive been noticing 90-110 pip impulses. the most recent impulse was 260 pips. Although the impulses have been this big, this next impulse to the downside will be the length of the LOWEST point near entry of the ascending broadening wedge, and will go as far as the HIGHEST point within the wedge. I will set my T/P the distance FROM the breakout of the wedge equal to whatever length the wedge ends up being. I expect the wedge to ascend around 100pips from the ENTRY point LOW. . Therefore, i will hope to pick up 100Pips before closing out all of my positions. Of course closing half of each position at 50pips wihtin that move. This is NOT financial advice! This is my OWN Speculation of GBPJPY at this given moment. Hope you enjoy!~
Short
by lodose81
Quick hit n run [risky] shortBearish Wolfe Waves forming inside an ascending wedge. I would wait for price to break the upper Value Area of the volume profile of the current trading range to confirm short entry . RSI but looks ready for a little move to the downside. Golden pocket on the fib marked as well. Will trigger myself a high leverage short taking targets first at the golden pocket, then according to reaction on POC and VAL of the volume profile I will decide wether to book more profits / close position or not. An ideal solution would be a sweep of the low. Triangle fakeout / fake breakout could add confluence: Trade safe and use adequate position sizing.
Short
by xcitedDelirium
2
ETH: WHERE IT GOES AFTER THE MERGE EVENT?Hello everyone, if you like the idea, do not forget to support with a like and follow. Welcome to this ETH update. ETH is forming an ascending broadening wedge pattern in a 4hr time frame which is generally a bearish pattern. After a few hours, the ETH merge event is going to take place and IMO this is the sell the news event. Still, for confirmation, ETH needs to break below the lower trendline of the wedge. Overall things look bearish here. What do you think about this? Do you think that after the merge event it's dumping hard or do you think that it is going to pump from here? Share your views in the comment section. if you like this idea then do support it with like and follow. Thank You!
Short
by CoreCrypto1
3
Dow Jones Near Touch Demand Line of Ascending Broadening WedgeLarge ascending, broadening wedge structure looks to be respected with today's backtest of the wedge's demand line. This comes after a test of the supply line almost two weeks ago and a nearly 9% draw down in price. Coupled with divergence on the oscillators, the more probable result from strictly looking at this TA would be a short term trend reversal to the upside. Given the overall bearish market conditions it is I wouldn't be surprised to see a partial rise which doesn't result in resetting the supply line at the top of the wedge. Could be a nice place to take a quick long with a stop/loss somewhere below the demand line of the wedge. A possible first target would be around $33280 which was the previous high before dropping into this wedge. There isn't a ton of historical significance but it recently held as resistance for several days.
DJ:DJI
by wuliwong
Bearish Thesis Bitcoin to 20800-then drop to 18500 WIP (Short)Elliot Wave continuing from the drop from 25200, ABCDE. Rising Wedge to about 20750-850 (not exact), then a drop from there to 18400-600 as measured from the last drop. Not a guarantee. I haven't entered a short, I might take a swing with my hedge account. Work-In-Progress. This doesn't mean, "short now" but for traders that already have established shorts from higher levels, this would add to the "hold your shorts" argument. I might set some very small sell stops on my hedge account with very little risk. I'd be placing stops a few hundred above just in case. I would also be taking healthy profits in my very light long position on my main account if we approach this level, but that is already a given. Also 18400 would not necessarily be the stopping point for the drop, as it is simply a measured move based on the last one that played out. A secondary target might actually be to "sweep the lows" of 17600... implying at least a few hundred below that, or possibly thousands depending on catalysts, positioning, and where everyone's stops are placed.
BYBIT:BTCUSD.PShort
by JJMa
Rising/Falling Wedge Ascending Wedge in an uptrend-bearish 1. This pattern occurs when the slope of price candles’ highs and lows join at a point forming an inclinin wedge. 2. The slope of both lines is up with the lower line being steeper than the higher one. 3. Place an order to breakdown and out of the wedge. The drop out of the wedge can be very dramatic. Descending Wedge in a downtrend -bullish 1. This formation occurs when the slope of the price candle high and lows join at a point forming a declining wedge. 2. The slope of both lines is down with the upper line being steeper than the lower one. 3. To trade this pattem, place an order on a break up and out of the wedge.
BINANCE:ETCUSD.PEducation
by yaser_rahmati
1
ES1! (S&P 500 Futures) and NQ1! (Nasdaq Futures) Ascending WedgeBoth the indices showing the Ascending Wedge Pattern. I would like to see the break of support around 11266.75 for NQ and 3700.00 for S&P to short but ideal entry would be on the break of the pattern + re-test of the support trendline. Targets for NQ1! - 11228.50 11165.50 111068.75 Targets for ES1! - 3700.00 3661.50 3642.00 NOTE: This pattern is forming right before OPEX (17 June 2022) / Quad Witching. Maybe this market pushes up before the volatility comes in and OPEX plays out where a decline in stocks is observed around the end of the day.
CME_MINI:ES1!Short
by ImSooCool
Is $XLE making a bearish ascending wedge?It seems like the Energy sector ETF $XLE is making an ascending bearish wedge. It's showing lots of resistance around the $82.9 area and hasn't be able to close above it for the past ~2weeks. I wouldn't be surprised if it has a fake breakout to the upside before eventually falling back inside the wedge. Keep an eye out for a break to the down side as the measured objective would be around the $64.7 area. I'm neutral for the time being but keeping a close eye on this for a bearish reversal.
AMEX:XLE
by HaseebKhan_90
8
long term logarithmic growth fan pattern horizontal supportthe gann fan and log view with broadening wedge indicates stock is trending toward long term support. if we cant close over the 4/1 monthly its probably headed for that lower trendline. were at horizontal support so a bounce starting here would probably head for the 2424 area. closing above the mid 2400s and we could head for 2988 where TRAMA is currently hanging out. if 2050 breaks it could go as low as 1785 but its much more likely we see a monthly bounce soon.
NASDAQ:AMZNLong
by cerealpatterns
AUDUSD Roadmap on 4H timeframethe dollar went down due to the shock of energy price and it help Aussie goes higher. my analysis shows 0.76480 key resistance might end the AUDUSD bullish trend and also complete the ascending broadening wedge pattern for this pair, personally, I will wait for the price rejection occurs at the key resistance level before placing any sell order. good luck traders! **Disclaimer** 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. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
1