Fallingwedgepattern
EURCHF LongPrice reached the support level with a falling wedge pattern. After completing wave E, the price broke out impulsively. Expecting a retest on the 1.08400 resistance level.
EURCAD, daily tf with line chart, falling wedge/wolfe waveHello my friends,
I sometimes switch to line chart for a better perspective in drawing lines. It eliminate many noises and only focusing on candle close.
EURCAD making a nice falling wedge / wolfe wave pattern at daily timeframe in my opinion right now. Price are bullish and moving inside the line i marked. Yesterday candle / friday candle closing below it which could be a false break as today price come back inside the marked area.
I am buying EURCAD 1.5580
Stop loss 1.5510
Take profit 1 @1.5650
Take profit 2 @1.5720
Use only 1-2% risk
Good Luck
POSSIBLE FALLING WEDGE PATTERN ON BTC!IF WE BREAK THIS PATTERN TO THE UPSIDE WE COULD SEE AN OUTBREAK TARGET FROM $12200 TO $12250.
#TTML - Massive trend changemultiyear downtrend trendline which has been acting as resistance since 2014 is about to be broken, Right now price has already jumped so not best R:r setup so manage positions wisely
Two Shapes of Falling Wedge PatternsIn the previous educational post, i posted about Rising Wedge patterns and in this post i have explained about Falling Wedge Patterns. (Falling Wedge is opposite of Rising Wedge pattern; for every chart patterns there are opposite patterns excluding some.)
Falling Wedges are Bullish Patterns and it generates bullish signal, Falling wedge patterns forms with Lower highs and Lower lows.
Falling Wedge pattern basically forms in two shapes same as Rising Wedge ; If Falling wedge pattern forms in an uptrend it will make continuation and if Falling wedge pattern forms in a downtrend it will make reversal.
The Lower highs and the lower lows along makes a trend resistance and trend support. When breakout occurs upside, price breaks the trend resistance line.
In Falling wedge breakout occurs upside 60 to 70% of the time.
To confirm a true breakout, we can take help of Volume and other indicators. In a true breakout there will be big volume than usual.
We should use other indicators like MACD and RSI also to confirm that it will turn bullish before taking entry in a trade. (We can see MACD convergence, RSI convergence)
Stay Tuned 👍 ;
Thank You;
Check out Rising Wedge if you didn't ()
