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GOLD Previous Rising Wedge Educational First if all, why sharing a wedge that happened? This is purely for educational purposes, I was following this wedge while not trading it. I don't need the credits for spotting it or something, but I'm sharing this to look back in the future at wedges what worked out well. About this one: We see that this wedge was a good textbook wedge. Why did this wedge workout? As I'm looking at this wedge I can see that the resistance is tested four times (first of the four it's really testing for a few candles). The support is holding for a considerable four times also, while the fifth time it broke right through. The RSI line, which is only there as a validation of our thoughts and not as signal giving factor. Is rising as well what means the buying gets more oversold by the time (logical if you know the exact way a RSI calculation goes). The last time testing the resistance of the wedge the RSI is at the highest point around 75. Now we all know that while trading you can't look into the future so the high could not be imaginable. But the thing that stands out in this case is the second "high" in the RSI that is lower than the first. The profit you can take? To be honest, the profit on this trade could only be maximized with a trailing stop. You could see that this wedge as shown with the arrows (both are exact same size) that the opening of the wedge is the same as the drop after the breakout. Thanks for reading and I hope you find some of this educational material. Some feedback is always appreciated! Wesley
TVC:GOLD
by W4DL
EURGBP SELL1D: Price has went up to trend resistance over the last couple days. It has also tested against the 50 moving average. 4HR: Price has hit a major resistance area. There is divergence showing that price has gotten weaker even though it has been bullish. 1hr: Triple top formation has formed. There is a 3 indicating reversal on MT4 chart. Be patient and wait for break of neckline. I've noticed that this pair more than often does not retest on the break. So place your sell right under. PLEASE LIKE, LEAVE COMMENTS AND CRITICIZE MY WORK. I WILL EXPLAIN MY REASON BEHIND EVERY TRADE AND WOULD LOVE TO KNOW IF SOME EXPERIENCED TRADERS LIKE THE SETUP OR NOT.
Short
by sharclark
USDJPY SELL1D: Price has hit a major resistance area. Candlesticks showing signs of a reversal. 4HR : Buyers have definitely lost momentum and sellers are starting to come in. 1HR : Strong divergence showing indicating price getting weaker. Price may even go all the way down to trend support but ill take my profits and run. PLEASE LIKE, LEAVE COMMENTS AND CRITICIZE MY WORK. I WILL EXPLAIN MY REASON BEHIND EVERY TRADE AND WOULD LOVE TO KNOW IF SOME EXPERIENCED TRADERS LIKE THE SETUP OR NOT.
Short
by sharclark
3
GBPUSD BUY 1d: Price has touched a support area and should go back up to trend resistance. 4hr: price has retraced to 0.618 fib level and should continue upward 1 hr : Price has broken trend support. Should retest and continue upward. I have a alarm on my horizontal line which is a resistance level. If price breaks it and retest we should see more buyers coming in. This pair also correlates with EurUSd so I will be watching both. On the other side I have a projected sell because markets will go any way. If my resistance line holds and price enters channel I will place a short sell down to the support in the channel. PLEASE LIKE, LEAVE COMMENTS AND CRITICIZE MY WORK. I WILL EXPLAIN MY REASON BEHIND EVERY TRADE AND WOULD LOVE TO KNOW IF SOME EXPERIENCED TRADERS LIKE THE SETUP OR NOT.
Long
by sharclark
1
EURJPY Rising WedgeThe rising wedge we see on the 1hr chart EURJPY looks very solid, descending volume represents lower interest in pushing the price up. The take profit is calculated on the save side by the "rules" of a wedge that the opening is the profit after breakout, I'm keeping a wider stop since I've seen many wedges that been published by me here getting stopped and then showing to be a very valid good profitable wedge. These you can look back at yourself for education purposes. Thanks for reading my analysis and I hope you like it! Wesley
Short
by W4DL
EURUSD Falling WedgeA bullish wedge is what we can see here on the lower timeframe (1hr), I'm trading this as shown on the chart. We see the price closing in what means the bears are losing control pushing the price down over the buying up from the bulls. This can be traded on the breakout, but with a narrow wedge like this there is more chance missing the entry. You could also watch for a price lower, the RSI is not oversold yet but that is just an indicator that would conform your entry on a support or resistance. Notice that I'm regularly trading on closing wedges rather then breakout since I'm not a fulltime trader and can't watch over the markets all day everyday. Also this would not be my trading style because I don't want to get emotional involved with the markets, my way of doing this is just to spot a pattern and stick to the plan. Thanks for reading and have a good day! Wesley
Long
by W4DL
EURCAD Ascending Triangle On the EURCAD chart we can see an ascending triangle. As shown I'm going in with a very early entry. At the moment we have a slightly oversold RSI (29) and a support that looks like it's doing its job for the fourth time. I will keep a stoploss slightly under the support but with still enough room for false breakouts. Hope this will workout like my last ascending triangle on NZDJPY on 12 february, this is the second time spotting this pattern so I do see this as extra educational. Thanks for reading and as always you're likes and feedback are welcome! Wesley
Long
by W4DL
UK100 Double Top On the UK100 1hr chart we can see a double top. I must say that this trade is for educational purposes since I don't spot this pattern that much. The RSI, Volume and Price is lower at the second top which means the interest is cooling down. The stop is placed at the last high or if you trade safe a little above. To get better at spotting this patterns I'm publishing it here so you and I can both look back at this trade the next time spotting this pattern. Thanks for reading and especially on this one I would appreciate some feedback! Wesley
FX:UK100Short
by W4DL
USDCHF Rising Wedge fits the bigger picture.As seen on the 4hr chart we can see a rising wedge being formed, the support is valid but not yet confirmed. The bigger picture on the right is a rising wedge on the daily. This one is confirmed multiple times. There is a chance the bigger wedge is ready to break after this one but that will be in a new analysis later on. First things first: As said, we want some confirmation of this wedge before entering. What makes things uncertain is the fact that I believe that this bigger wedge will act as a resistance for this one, what means it will be tight to test the support of the small wedge and the resistance of both within' this short time. This trade I will set entry SL and targets as shown on the chart already and won't be waiting for a breakout. I do think we can get this entry, if not I'm watching for the breakout and update the values of entry etc. This way we do have a RR of 2.7 what makes it worth the shot. Thanks for reading and I really would appreciate some feedback! Wesley
Short
by W4DL
EURUSD Bearish WedgeWe can see a clear wedge formed on the 2hr chart. The upper resistance line I have drawn is a line that will be instant visible on the daily chart, still figuring out how to post two different time frames next to each other to show this resistance. Back to the wedge we see that it closes in nearby that 'daily' resistance, I'm convinced this will end up as the point for a short term sell position with a target as shown. The target is based on the opening of the wedge, the black arrows are there to compare. With a SL above the resistance there is room for a little squeeze as we can see it did before on this resistance. A profitable RR at 2.44 will make this worth the try. Thanks for reading my analysis. Please share your feedback about my views, and if you know how to place these two timeframes on a single chart to publish thank you in advance! Wesley
Short
by W4DL
EURUSD ready to bounce up again.The bigger picture on EURUSD shows us that the possibility is there that we have reached the bottom. The horizontal line as drawn has been a support multiple times. This time the RSI is even lower than the previous times, except the time it broke the support. The difference between now and the time it broke the support is that we already have a bullish daily candle at the moment. For a Risk Reward this can be a very good trading opportunity. Thanks for feedback, and a like would be appreciated!
Long
by W4DL