Rising Wedge
Nifty Trade Setup (29-May-2023)This will be my personal trade Setup, This is not an advice of any kind to initiate trade according to this setup. This is for only for my learning purpose and maintaining my trading journal.
Hello everyone so as on 26-May-2023 (Friday) session when price took support at resistance level which i marked as horizontal line on 15 min TF i bought it there and stoploss was low of the hammer formed or day's low and i trailed my stoploss. It was good session and worked as per my trade setup.
( Cannot Post Previous Session Link as i am not pro member or don't have enough reputaion levels :) 😊 ... have to check previous day setup to check resistance level which became support.)
Now for my Tomorrow's trade setup from price action it is forming rising wedge pattern on Daily TF making HH's and LL's now price is at Equal of previous high and if this pattern will be respected then it will make new high touching that upper trendline of rising wedge but For price to reach there, on upside NIFTY have hurdles of 18500, 18550, then 18600 levels. On downside nearby support is 18450. For my trade setup i will look for following :
1.) If opens flat and nifty might retest nearby support of 18450 as there was rejections from day's high on previous session. If price take support there i will be looking for buying opportunities for target of 1st resistance level (18550) then for 18580.
2.) If opens gap down i will see if it takes support near 18450 if it does then will trade as per point 1 setup. If price rejects this support of 18450 then will look for shorting opportunities for target of 18400 then 18350.
3.) If opens gap up then will look for rejections from nearby resistance levels and will wait if price rejects that resistance of bulls take control of price as did in previous session and then will trade accordingly.
Things i will keep in mind:
Nifty is bullish on Higher TF. which is Primary trend and if i place trade against the primary trend i will try to follow strict stoploss and strict profit booking levels.
Hit like to keep me motivated for keeping my trading journal as it only take less then few seconds to hit like but it gives me motivation for preparing for my session. also if you can help as Trading View is holding rewards if Ideas or Script can be listed in Editor Picks :) . also one can comment how i can make it better or any improvements i can make in my trading setups or improving this journal.
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This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
The important thing is always to look at the previous price action from 2020 - 2021. We can clearly see a leading diagonal wedge Elliott Wave pattern, which is a pretty strong indication of interest and, in combination with the finished ABC correction, makes this a solid technical setup for a long position.
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GOLD - Bearish Rising Wedge📉Hello Traders👋🏻
On The Weekly Time Frame, The XAUUSD Price Reached a Major Key Level ✔️
Currently,on the Daily Time Frame XAUUSD formed a Rising Wedge ✔️
The Price Failed To Create New Higher High 📈
The Support Line of the Wedge is Broken 🔥
So, I Expect a Bearish Move
i'm waiting for a retest...
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TARGET: 1941.970🎯
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Top of Bolly Band; Gap to Fill then ThrowoverChart has it all. Notice every prior local top is a point, no plateaus, after squeezing the upper Bolly band, they rollover.
August gap is a magnet. Once filled, much higher seems improbable. Fewer issues advance the price, moves up on lower volume, weaker RSI.
Lot of participants been waiting to sell at this price. The dump after this rally dies could be hellacious... June Swoon.
Dow Jones - Bearish Rising Wedge 📉Hello Traders👋🏻
The Dow Jones Price Reached a Strong Resistance Level ✔️
Currently, US30 formed a Rising Wedge ✔️
The Price Failed To Create New Higher High 📈
The Support Line of the wedge is Broken 🔥
If Price Stays Under The Key Zone, US30 Can Continue The Bearish Move 📉
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TARGET 1: 32790🎯
TARGET 2: 32090🎯
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Short Term Bond Yields Setting Up to Crash along with the DollarThe 3 Month Bill is currently breaking down and backtesting a Rising Wedge after Bearishly Diverging at some extreme highs while the DXY has also broken below a long term trend line and is backtesting the S/R Zone and Moving Averages as Resistance.
I have expectations that both of them will crash majorly in the coming weeks to months.
USDJPY: Bearish Bat Nearing Top of Rising Wedge.USDJPY is trading at the PCZ of a Bigger Daily Bearish Bat and a Small 15 minute Bearish Bat and it is trading near the supply line of a Daily Rising Wedge; If the patterns hold out we will see USDJPY drop below the Bearish Dragon Trendline and begin a significant move down from here.
Possible correction in Gold, $XAUUSDOn the daily chart, Gold (XAUUSD) has formed a rising wedge which is a bearish pattern. This was followed by a sharp bear trap and a double rejection of the bulls at the consolidation zone.
We are looking at a possible correction in the price of gold in the coming days toward 1982/1934 zones.
NZDCAD in Coming Days!✅ Based on the analytical method in the CTS strategy, the NZDCAD currency pair is in a downward phase by reaching a PRZ zone.
➡️ bearish signals in the PRZ area are:
- The roof of the descending channel
- Pivots R1 monthly and R3 weekly
➡️ and the downward signals of market momentum are:
- Divergence in MACD and RSI in 1 hour
- RSI OVERBOGHT in 4 hours
- The possibility of forming a Rising wedge pattern in 1 hour
🌟 Note that the price has reached the PRZ zone and the entry trigger will be activated by hitting the bottom of the miner in one hour time and forming a return pattern. On the other hand, if the PRZ is broken upwards with the strength of bullish candles, this analysis of ours will be failed .
✅If this post was useful for you, like it ❤️ and if you think it is useful for your friends, be sure to send it to them.
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🌍Thank you for seeing idea .
Have a nice day and Good luck.
XAUUSD WHAT`S NEXT? SELL?Hey traders,
On friday i posted my anaysis about gold, that we hit all time high and a correction was likely to occur. As expected xauusd dropped 350 pips. When it comes to this week as well i see a further correction looking upon the chart, gold may consolidate trending upward to fill the gap then after a sharp drop to around 1988 seems reasonable to expect.
If you like my idea drop a like and comment down below. 😘
US30 dowjones good sell opportunity Hello traders us30 is in down trend even we are over all bullish we can sell also specially in the index pairs they are good for scalp can get massive pips ,on a 4hr we are in a down trend in a correction trend so we can sell on a new possible lower high for a lower low
CADCHF - BEARISH RISING WEDGE 📉Hey Traders👋🏻
The CADCHF Price Reached a Strong Resistance Line ✔
Currently, CADCHF formed a Rising Wedge ✔
The Price Failed To Create New Higher High 📈
The Support Line of the wedge is Broken 🔥
If Price Stays Under The Key Zone, CADCHF Can Continue The Bearish Move 📉
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TARGET: 0.65354🎯
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W10-22 GBPUSD BEARISH IDEA (RISING WEDGE)Potential Bearish Entry
Dow Theory In Place - Lower High and Lower Low Expected in Place
Formation of the rising wedge without bearish divergence. Entry at the break of wedge and support level.
Bullish Trend Is Still Intact. (careful for your levels)
SL & TP Levels are defined.
EURGBP - Bearish Rising Wedge 📉Hello Traders👋🏻
The EURGBP Price Reached a Supply Zone (0.88499-0.88656) ✔
The Price Failed To Create New Higher High 📈
Currently, EURGBP formed a Bearish Rising Wedge ✔
The Support Line is Broken 🔥
If Price Stays Under The Key Zone, EURGBP Can Continue The Bearish Move 📉
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TARGET: 0.87570🎯
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AAPL On 4H Bearish Divergence with Rising WedgeAAPL is forming rising wedge with Bearish divergence and most likely to reverse the trend from Bullish to Bearish. We have to wait and observe the market first before taking any trade. Once it breaks down last "High Low" mentioned on the chart, we'll take our entry.
Trade Plan is mentioned on the chart.