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Wedgebreakout

SPX500 Battle for control ongoingA bit of wedge porn today. One of my favorite setups are these nested wedges but while these are bullish, right now we are sitting at a key support level at 3,230 after 3 weeks of sell-off so there could be some bearish momentum here. The smaller wedge is still forming so we shall see how this pattern ends up. A daily close below 3,230 is certainly bearish while a break out above these wedges would be otherwise. I have made my personal bet but declaring neutrality for now until we see a confirmed breakout in either direction.
OANDA:SPX500USD
by thedailychartist
1
Gold Wedge at APEX for Breakout!Hello Fellow Trader! Gold (XAU/USD) has been compressing into a wedge directly above the previous all time high, which was broken after 9 years in August 2020. The APEX of the wedge is fast approaching as traders and investors patiently await for the continuation break out. Wedge patterns are generally a sign of trend continuation when broken to the upside, and when found above previous highs can become quite potent. Key Points: - Price holding above the 200 EMA - Price holding above the 50 EMA - 23.6% Fibonacci Support Clustering with Previous 10 Year All Time High and 200 EMA - Flat pattern below breakout, once price retests 200 EMA, we have defined entry with risk below the pattern. - Must watch price behaviour around the 200 EMA - RSI hugging 50 mid-point Key Levels: Support – 50 EMA, 200 EMA, 1910 Resistance – 2016, 2085 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 1930 Supporting Entry – 1950 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks below 1899.000 level, and violates the lower band of wedge– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 1930 – Target 1 2016 = 2.75x Reward to Risk Optimal Entry 1930 – Target 2 2085 = 5x Reward to Risk Supporting Entry 1950 – Target 1 2016 = 1.2x Reward to Risk Supporting Entry 1950 – Target 2 2085 = 2.5x Reward to Risk
OANDA:XAUUSDLong
by tradetheday
1
VOC -long term breakoutOne to put on a watchlist for now is Vocus as it appears to be breaking out of a massive wedge pattern, for me there are two important levels to watch to confirm the strength and validity of a new potential long term trend - the 3.80 level, a breakout and retest of this level would be a long entry for me, taking half profit at 4.90 and let the rest run. If you want to be extra safe/certain it would be ideal to wait for a breakout and retest of 4.90 as this would be a crucial breakout area. Just my opinion
VLong
by Ravi2409
Trade opportunity for SILVERWhen we look at the chart we can see that Silver is close to a falling and raising wedge. If we get to see the breakout of the wedge we will wait for the retest to enter than. My personal opinion is that the price is going to break the falling wedge and that we get a confirmation for a long position when we get to see the retest of the wedge. Keep in mind that it also could be that the price doesn't go and retest the wedge. So what you can do than is just go long on the break and if the price does retest the wedge you can stack positions. Let me know in the comments what you think of it and what your idea is for Silver If you like the idea, don't forget to give it a like If you have any questions, feel free to PM me
OANDA:XAGUSD
by MaBaCapital2
EUR/USD could breakoutWhen we look at the chart we can see that the price for EUR/USD is getting close to a raising and a falling wedge. When we than look at the other chart here. The DXY we can see that the price there is also close to a falling and raising wedge. When we get to see a breakout here we can look at a reverse breakout on the EUR/USD because of the correlation between the 2. Please let me know in the comments what you think of it. If you like the idea, don't forget to give it a like. If you have any questions, feel free to PM me.
by MaBaCapital2
ARPA.BTC (Y20.P3.E2).Pullback completed.**** continuation from the previous post, link below *** Hi All, The pullback to the 0.618 fib level was ideal and although I missed it, I'm looking to re-enter again. Just need to time in the lower time frames. This possibly can be a real good setup for a macro parabolic phase...time will tell. OBSERVATIONS: ============================== - 0.618 fib level retracement - Stochastic RSI is lauched from the bottom level on the 12 HRLY, Daily is about too. - Along with the phoeix indicator showing energy above the 50% and the Green RSI on the daily. - Most important, the 12 hrly and daily candle sticks show bullish engulfing profile - Confluence with the daily 21/34 ema as a bounce area. THOUGHTS: ============================== Too many points are positive, just be selective in your entrance for max effect. As per the daily chart , it can go parabolic. for now, I have a short term target. 12 HRLY chart Daily Chart Regards, S.Sari PREVIOUS POST
Long
by ssari
2