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📈How to Trade: Rising Wedge Pattern📌 What is the Rising Wedge Pattern? The rising wedge is a bearish chart pattern found at the end of an upward trend in financial markets. It suggests a potential reversal in the trend. It is the opposite of the bullish falling wedge pattern that occurs at the end of a downtrend. Traders recognize the rising wedge as a consolidation phase after a medium to long-term trend, indicating a decrease in momentum. Traders often use this pattern as a signal to take a short-selling position or exit their current position. 📊 How to Identify and Use the Rising Wedge 🔹 Identify an existing trend in a currency pair. 🔹 Draw support and resistance trend lines along with the highs and lows of the trend. 🔹 Wait for price consolidation and the contraction of the support and resistance lines, forming a rising wedge pattern. 🔹 Observe the upper trend line acting as resistance and the lower trend line acting as support, converging towards each other. 🔹 Place a sell order once the price breaks below the support line of the rising wedge pattern. 🔹 Set a stop-loss order at the same level as the support trend line to manage risk in case the price reverses. 🔹 Consider setting a profit target based on the distance between the highest and lowest points of the wedge pattern or by using a technical indicator or a previous support level as a reference. 💥 Key Takeaways: 🔸 The rising wedge is a technical chart pattern used to identify possible trend reversals. 🔸 The pattern appears as an upward-sloping price chart featuring two converging trendlines. 🔸 It is usually accompanied by decreasing trading volume. 🔸 A rising wedge is often considered a bearish chart pattern that indicates a potential breakout to the downside. 🔸 Wedges can either form in the rising or falling direction. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
6
BluetonaFX - GBPUSD HEAD & SHOULDERS IDEAHi Traders! We have a Head & Shoulders trade setup here on GBPUSD 1D chart. The market looks to be approaching the neckline and we are now looking for a break and close to the neckline with momentum to target lower levels. If we get a break and close of the neckline, we have the profit target level at 1.21761 and if you want to hold on for a larger risk reward trade, our second target level is at 1.20156. The ideal entry point is to either wait for a break and close to the neckline or to wait for a break with a retest of the neckline. On the other side of the trade, if we fail to break and close below the trendline, we will most likely stay in the range as there is a current lack of bullish momentum. We will keep a close eye on this and will update you if we get any further action on this setup. Please make sure you give us a like, follow and comment. Thank you for your support. BluetonaFX
by BluetonaFX
2
BIOCON - MONTHLY TIME FRAMEThe Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart). Note: Its my view only and its for educational purpose only. Only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only (strategies). we don't focus on the short term moves, we look for only for Bullish or Bearish Impulsive moves on the setups after a good price action is formed as per the strategy. we never get into corrective moves. because it will test our patience and also it will be a bullish or a bearish trap. and try trade the big moves. we do not get into bullish or bearish traps. We anticipate and get into only big bullish or bearish moves (Impulsive Moves). Just ride the Bullish or Bearish Impulsive Move. Learn & Know the Complete Market Cycle. Buy Low and Sell High Concept. Buy at Cheaper Price and Sell at Expensive Price. Keep it simple, keep it Unique. please keep your comments useful & respectful. Thanks for your support.... Tradelikemee Academy
NSE:BIOCONLong
by Tradelikemee
KOPRAN - A SWING AS WELL AS POSITIONAL TRADEHELLO FRIENDS, Here I am sharing my view on KOPRAN LTD (NSE) which is showing bullish bias on the chart. The stock was in downtrend since December 2021 following the downtrend as Lower Highs and Lower Lows pattern but now the stock has broken this pattern and started doing Higher Highs and Higher Lows which depicts the change or trend to uptrend from downtrend. It has given breakout of downward sloping Trendline in Weekly time frame. All the supporting indicators as showing bullish bias on the chart of which snapshots are given below. Weekly trendline breakout with good intensity of volume In Daily Time Frame, Stock has given the breakout of FLAG and POLE Chart Pattern in which we calculate first target as same as the size of pole. Price at the time of breakout is Challenging Upper Bollinger Band Directional Movement Index is also showing strong Bullish Bias Price is Trading above 50DEMA, 100DEMA and 200DEMA MACD in Daily Time Frame - Positive Crossover MACD in Weekly Time Frame - Positive Uptick RSI in Daily Time Frame - Positive uptick and above 60 - a bullish sign Conclusion- overall stock is bullish on chart, one can enter this stock as swing or positional trade following strict Stop Loss. Disclaimer- I am not SEBI registered analyst. My studies are for educational purpose. I am not responsible for any kinds of your profits and losses. please consult your financial advisor before investing your money.
NSE:KOPRANLong
by KARANN_DINGRA
6
AUDUSD BEAR FLAG 30/05/2023 IDEA UPDATEHi Traders! Our AUDUSD bear flag idea on the 30/05/2023 (LINK TO ORIGINAL IDEA BELOW) broke and closed to the downside of the flag around 0.64904 to fulfil our idea. We got to the 0.64583 level (near our 0.64500 forecast) when we noticed a big volume spike on our volume indicator. This let us know that a lot of traders were exiting positions due to the May 2023 Nonfarm Payrolls (NFP) announcement tomorrow. The market is now thin and volatile, so 0.64583 was a great exit price if you entered and held from the flag breakout at 0.64904. We will continue to analyse the markets and inform you if any opportunities arise, but please be careful as the markets are very thin and there is a current lack of volume due to the NFP announcement tomorrow. Please do not forget to comment, like and follow. We appreciate your support. Trade safely and responsibly. BluetonaFX
by BluetonaFX
2
BluetonaFX - GBPUSD TRIANGLE BREAK IDEAHi Traders! We have a simple triangle setup here on the GBPUSD 4H chart. There is a *Vector* level (our unique way of highlighting key and important levels in our FX charts) at 1.22746. The last time we were below 1.22746 was over two months ago around the end of March 2023, so there is bound to be some support if we approach that level again for the first time since April. We are now waiting for a possible break and close to the downside to target 1.22746. If we fail the break to the downside, we have a Vector level to the upside of the break and close of the triangle at 1.25467. Please remember to like, comment and follow. Thank you for your support. BluetonaFX
by BluetonaFX
2
USDJPY BULL FLAG TRADE IDEAHi Traders! We have a bull flag setup here on the 2H USDJPY chart. This usually happens after a big rally up or down (flag pole) followed by a consolidation period before continuing with momentum. We are now in the consolidation period and looking to continue pushing up. The level to break here is 138.878. If this is broken, we expect another push to 139.000 and possibly a test of 140.000. Our long term bullish ascending triangle on the 1D chart (link to this idea provided below) is still in play and also supports this idea. Very important though, that we also look at the possibility of the pattern failing and moving to the downside. PLEASE NOTE: that if the pattern fails, it will turn from a Bull Flag to a Double Top, which is a REVERSAL pattern, and will change from bullish to bearish. The bottom of the flag at 137.424 must hold to avoid the reversal. We do have key levels around the 137 area with a previous resistance swing high around 137.774, so there are opportunities on both sides. Please do not forget to like, comment and follow, we would love to hear your thoughts! Thank you for your support. BluetonaFX
by BluetonaFX
4
Oil set to break its consolidation?Today's focus: Oil Pattern – Ascending Triangle Possible targets – Downside 69.73, Upside 76.50 Support – 71.49 Resistance – 74.05 Hi traders, today we’re looking at oil after yesterday’s fast move down that snapped a three-day winning streak. Could this be the start of a move that breaks out of the current ascending triangle pattern? Sellers have some support to beat, and if it holds, it could hold the price in the consolidation until 74.05 is beaten. We will be watching to see if yesterday’s selling was more than one session and if price could be set to make a new move lower. Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:USOUSD
by Eightcap