Rising Wedge
Wealth Unleashed: Wedge Pattern Power - Hidden Gem Revealed!Introduction:
Are you looking to skyrocket your trading profits? Look no further! Today, we will uncover the hidden gem of trading patterns: the Wedge Pattern. This powerful tool has the potential to transform your trading strategy and help you achieve financial success. Let's dive into the world of wedge patterns and explore how you can capitalize on their power.
What are Wedge Patterns?
Wedge patterns are popular among traders due to their high probability of forecasting trend reversals. These patterns appear when the price of an asset consolidates between converging support and resistance lines. There are two primary types of wedge patterns: the rising wedge and the falling wedge.
Rising Wedge:
In an upward trend, the rising wedge is considered a bearish pattern. It forms when the price consolidates between an upward-sloping support line and an upward-sloping resistance line that are converging. As the price approaches the apex of the wedge, the upward momentum weakens, signaling a potential trend reversal to the downside.
Falling Wedge:
Contrary to the rising wedge, the falling wedge is a bullish pattern. It appears in a downward trend when the price consolidates between a downward-sloping support line and a downward-sloping resistance line that are converging. As the price nears the apex of the wedge, the downward momentum loses strength, indicating a possible trend reversal to the upside.
Trading Strategies:
To capitalize on the power of wedge patterns, follow these steps:
✅Identify the pattern: Observe the chart for converging support and resistance lines to spot a rising or falling wedge pattern.
✅Confirmation: Wait for a breakout from the wedge pattern, either above the resistance line (for falling wedges) or below the support line (for rising wedges).
✅Entry point: Open a long position after a breakout above the resistance line in a falling wedge, or a short position after a breakout below the support line in a rising wedge.
✅Stop-loss and take-profit: Set your stop-loss order below the breakout level (for falling wedges) or above the breakout level (for rising wedges). Establish your take-profit target at a level that aligns with your risk-reward ratio and trading plan.
Conclusion:
The wedge pattern is a hidden gem that can potentially boost your trading profits when used correctly. By mastering the art of identifying and trading wedge patterns, you can strengthen your technical analysis skills and increase your chances of success in the market. Remember, no single tool guarantees success, so always use additional technical indicators and maintain a disciplined approach to risk management. Happy trading!
OMAB - Rising wedgeOn the chart, we can see a rising wedge occurring.
OMAB is at its 52-week high, and this has been formed as a rising wedge.
We therefore expect it to have a drop to the downside.
Entry will be at the breakout of the wedge with a possible ROI of 15%
More details are shown on the chart.
MASSIVE RISING WEDGE PATTERN XAUUSD Hey traders!
Last week Gold has created a lower low, on Wednesday we had a break of structure as the previous higher low was taken out, the massive rising wedge is finally about to breakout, Gold could potentailly drop to around 1905. If you like my analysis follow me for more and drop a like.
Ethereum - The downtrend is over! Time to buy again.
Ethereum is approaching a key support, and it's a good time to buy/long!
If we take the Fibonacci retracement for wave 3, the price is very close to the 0.618 level. Also, the previous wave 1 acts as a strong support, so we have a great confluence from the Elliott Wave and Fibonacci perspectives.
We should go up and make a new high to complete the impulse wave on this chart. I expect another small bull market on Bitcoin.
On the 4-hour and daily charts, we can clearly see an ascending parallel channel that has been destroyed by the bears recently. This channel should be at least retested, but I expect more.
What happens after we finish this impulse wave? You don't want to hear it, but Bitcoin is going to crash to 15k, so make sure you are prepared for it!
The true bull market will start in 2024.
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.
Thank you, and for more ideas, hit "Like" and "Follow"!
SPY ascending wedge on the 1hr we have a clear Ascending wedge. lets see if we can break some of these S/R zones (purple). i think we chop side ways until some bigger news comes or enough time passes. 412 is support 414 is nice little resistance. atleast thats range for now, i expected it to wick down alil further before going up, but we deff gapped down which i mentioned yesterday. do we test 411.50/75 or 413.80 which comes first?
EURCAD - New Breakout 🔥Hello Traders 💖
On The Daily Time Frame The EURCAD Price Reached a Resistance Level !
The Price Formed a Rising Wedge Pattern📈
Currently, The Support Line of the Pattern is Broken 🔥
so, I Expect a Bearish Move
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TARGET: 1.45630🎯
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if you agreed with this IDEA, please leave a LIKE, SUBSCRIBE or COMMENT!
BTC Reversal & CRASH Coming!!! Bitcoin Traders About To Go Into
BTC Reversal & CRASH Coming!!! Bitcoin Traders About To Go Into shock!
Bitcoin has a Weekly Deathcross, 50 crossing below the 200 Moving Average, Negative Divergences on daily time frame, ( Declining Volume in a Rising-Wedge) In an outer potential Bearish-Flag.
A 2021-2022 Bars-Pattern/Fractal, non-adjusted, perfectly lines up with all levels.
It is the perfect storm for a 70% discount.
#NFA
EURGBP: Buy the rising wedgeHello Traders!
Welcome back to another trade with analyst Aadil1000x.
Today there is a nice bullish pattern in eurgbp and it's called a rising wedge pattern.
This pattern is popular as a strong short pattern and that's good because when they sell we buy. It does not matter how others are doing we will make money by buying a rising wedge.
Also, it's never a short pattern.
Wait for a clear pattern before buying eurgbp.
Don't forget to hit the like button and follow to stay connected.
Mini Altseason2023 has started)). Hi dear community and my loyal followers.
Are you waiting for your altcoins to burst and explode?
Do you want to know when mini altseason2023 starts?
Let me update some ideas. As you see BTCD reached to the key weekly resistance zone 48.5-49% and rejected strongly with potential weekly shooting start or bearish pinbar.
At the same time daily BTCD broke down rising wedge with bearish divergence and more likely will retest 44-45K support zone giving room altcoins to explode after long term accumulation phase.
At the same time Total 2 broke weekly descending triangle, retested it successfully, and broke also main diagonal and horizontal resistance.
Weekly candle close above 620 billion is super bullish for altcoins with target 1 and target 2 mentioned on the charts. But Target 2 will be reached only if price clears target 1 and holds it as a support.
If you like my ideas and analyses, don't forget to like and follow. I will appreciate a lot.
BTC forming a massive rising wedge! Here's a quick look at the BTC 8 hr chart.
Upon closer examination, it appears that the current market price has been constructing a larger rising wedge pattern. Should the price maintain its position within this particular formation, the most probable course of action would entail a subsequent decrease in value.
Furthermore, it is worth noting that the resistance level lying between 31k and 32k holds a significant degree of importance in the current context. In the event that this resistance barrier is breached, it is highly likely that the price will proceed to reach the 35k threshold. However, if the price instead breaks out to the downside from the rising wedge, a drop to 25k would seem to be the more plausible outcome. Therefore, it is crucial to keep a close eye on the movements of this wedge pattern.
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Recent Altcoin trades:
ARB / USDT: 30% profit
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BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
MM pump SPY index Pumped up index using apple, nvda, amazon, Microsoft, but they are reaching resistance, amazon seems to want 102 which it is very close to and apple seems to be peaking at 165 resistance. NVDA looks like it will easily rug pull, believe Nvda would currently be lower if there was not interest in pumping the index which nvda is part of.
Current price 412.8
Price Target EOD: 408-410
In 412 puts 0dte and 413 for 1dte
EURUSD - New Higher Low 🚀HELLO TRADERS 💖
The EURUSD Broke The 1.09298-1.09028 Daily Resistance Level ✔
Currently, The Resistance Level is Broken (New Higher High)🔥
The Price is Testing Support Trendline to Create a New Higher Low and Forming a Rising Wedge Pattern!
so, I Expect a Bullish Move 📈
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TARGET: 1.09860🎯
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if you agreed with this IDEA, please leave a LIKE, SUBSCRIBE or COMMENT!
[SHORT] Solana setup on 4H tfSolana is developing a rising wedge pattern in the 4H timeframe with several attempts to break but failing to close outside of the pattern. Wait for a 4H close for confirmation or near the top of the wedge if you feel confident on the pattern.
Condition to enter: a 4H close below the ascending trendline
SL: $24.05
@ a close below $21.10: move SL to entry, at this point is a free ride.
target 1: $18.90
target 2: $17.90
target 3: $16.25
R:R ~3.6
enjoy!
Rising Wedge: Bitcoin Reaches Top Trendline for the Third TimeAs a follow-up to my previous update on the rising wedge situation with Bitcoin, I'd like to share some new developments and provide some educational insights on trading within this pattern. BTC has now reached the top trendline for the third time, and if we're going to see a downward movement, it's likely to occur from this point.
A rising wedge is a bearish chart pattern characterized by converging trendlines connecting higher highs and higher lows. While it can occasionally break to the upside, the typical scenario is a breakdown, which can offer traders a potential shorting opportunity.
Trading a rising wedge involves closely monitoring the price action around the trendlines. As the price reaches the top trendline, like we've just observed with Bitcoin, traders should consider several factors to catch the supposed top of the trendline:
Look for reversal signals: Keep an eye out for candlestick patterns that indicate a potential reversal, such as bearish engulfing or shooting star patterns. These may signal that the price is about to turn down from the top trendline.
Assess the trading volume : An increase in trading volume as the price approaches the top trendline could suggest that the market is preparing for a reversal. Conversely, if the volume remains low, the pattern may not yet be ready to break down. Notice the spike in volume in the last 4-6 hours.
Monitor support and resistance levels : While the trendlines in a rising wedge are essential, it's also crucial to pay attention to horizontal support and resistance levels. A break below a significant support level can provide confirmation that the price is likely to drop further.
Employ risk management : When trading any pattern, it's essential to use appropriate risk management strategies. This includes setting stop-loss orders above the top trendline to protect yourself if the price continues to rise against your short position.
Now that BTC has reached the top trendline for the third time, it's essential to keep these factors in mind when considering a short position. If the market does indeed turn bearish from this point, traders who have prepared and employed solid risk management strategies will be in a better position to capitalize on the potential downward move.
As always, I'll continue to monitor the market and provide updates on any significant developments. Remember, trading is all about understanding patterns and managing risk, so stay vigilant and make informed decisions.
Happy trading!