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Broadening Wedge

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
COINBASE:LTCUSDLong
by telnemri
2
USDCAD : Corrective Broadening Wedge Pattern !USDCAD provides us 3 scenarios to trade. As mentioned in the chart above, we can have breakout in any direction, but broadening wedge ideally results in Upside breakout. If USDCAD decides to go on opposite direction, we can short USDCAD with proper stops. The 3rd scenario is we have retested the previous support @ 1.3130's in USDCAD, so on Bullish confirmation we can enter long positions with proper stops below the support area. Before taking any type of trade either Pullback entry or Breakout, check your rules and risk-reward. Happy Trading !
Long
by InsiderB
Long and Short PossibilityFor this trading I'm looking for this broadening pattern to break out by 30 pips in either direction. It looks like this support level has already become resistance but I will be waiting for a breakout to get in on it. Target 1 in is at roughly the price range of the beginning of the wedge. The second Tp is at 30 pips less than the range from the lowest candle in the wedge to the highest. I put it 30 pips before the range because I'm waiting for a 30 pip breakout to enter the trade. Stop loss is 50 pips due to my account and position size. Stop Losses : 137.91 Take Profit 1 : 135.81 Take Profit 2 : 136.31
Short
by MikePips
1
USDJPY Long: Potential Expanding Triangle, Bat, Missed PivotsHey traders! USDJPY is approaching a potential reversal zone that could spark a large bullish move. A bullish bat is nearing completion near the descending trendline. Missed weekly and unhit weekly pivots sit above price. The .382 fib is also confluent with the missed pivot from last week which may signify a nice supply zone. Movement past the 1.272 mark could mean further bearish movement so that's where I put the SL. Targets at the nearest weekly pivot and the missed pivot from last week. Entry near point X of the bat should price reach those levels. This entry is also confluent with the short-term descending channel shown in gray.
Long
by glennmercer
1
AUDNZD Long: Expanding Wedge Complete at Critical LevelGreetings traders! AUDNZD has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart, there is strong support from a parallel channel. In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base of the channel, a tight stop may be placed below the pins. If price makes new lows, it is time to re-evaluate. If not, it may be possible to catch a larger move toward the missed monthly pivot for June which would mean major pippage and a trade with great R/R. Bullish Confluence: Expanding wedge support 1D Parallel channel support RSI Oversold 3 missed pivots above price, including an unhit pivot for June Happy trading!
Long
by glennmercer
1