Unclear ARDR directionLike many of the Altcoins ARDR has been in a long slow decline. The bottom support of 0.0000300 BTC have been tested a couple of times and seem to hold. During the last four days ARDR have forming a Symmetrical Broadening Wedge which is an indication of increasing price volatility but no indication of direction as these wedges can go up or down. The Bollinger Bands are tightening which indicates there is price movement on the way. The upper resistance have been touched four times. The MACD shows an upward trend. The RSI is staying above the 50 line.
Most of the indicators are positive but low volumes will likely see a drop to around the 0.000032 BTC level by the end of the weekend and then a slow climb and possible breakout around 30 May. Suggest a wait and see approach before making any ARDR decisions.
As always do your homework and make your own investment decisions.
Broadening Wedge
BTC Busted BottomHad BTC broken out upwards, it would have confirmed the existence of ascending triangle which in turn, along with broadening descending wedge, would have confirmed that bottom was reached. However, breakout downwards suggests that it was a rising wedge which acted in line with the prior move, as per the direction of the butterfly.
BTCUSD Bullish after Declining broadening wedge, buy&sell quickHi Guys, quick Analysis,
i spotted a declining broadening wedge on BTC USD. After H&S formation the support couldnt even be broken by the downtrend after H&S, now trend switches probably and goes for formation target at the first highest high of formation @ 15300 USD after breaking declining broadening wedge top-line.
Wait for confirmation and once it breaks the falling trendline on top buy for quick profits with sell order at 15300 or close below.
Formatino confirmed by 2 touches on each line !!
Broadening wedge earnings playUSM is now in a broadening wedge pattern. Past volatility has proven profitable, hence my long order is till 50 MA and my short order is till the last low.Also, the volume has decreased showing there maybe a large breakout about to come and the Coppock curve is in a horizontal pattern and has also gone negative so it may rebound and go positive.
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
Long AUDUSD : Trading within Broadening wedge & TrendlinesWe have simple trendline setup and after retest of lower trendline of broadening wedge , Audusd went bullish breaking trendline. Audusd retested support zones around 0.7650's thrice and moving up withing broadening wedge ( ascending wedge), so with proper stops we can initiate longs.
Feel free to leave your comments / opinions...
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 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