A rising wedge pattern is a bearish reversal pattern. The pattern is formed
by two rising trendlines, converging in the end but not forming a triangle.
Entry is confirmed once the prices break below the rising trend line B,
with stops above the previous high, the profits can be booked with a good
risk and reward ratio.
Descending broadening wedges are continuation chart patterns formed by a channel that widens and is against the trend. Forex volumes tend to increase during the formation of such a wedge.
A break through the resistance line provides a good signal to trade into a continuation of the trend with a price target equal to the height that separates the pattern's high and low.
after a big push there's always exhaustion
the daily candles have pushed up till the weekly zone and now we should have exhaustion (pull back)
the conditions for entry need to be met to make the trade valid.
GOLD still within the downtrend channel on the larger time frame
smaller channel formed in the smaller time frames
LEVELS TO LOOK OUT FOR
SUPPORT LEVELS
1490, 1486 AND 1477
RESISTANCE LEVELS
1496, 1503 AND 1510
Trade will be valid if the 4 hour (1490) support is broken
If the 1496 resistance is broken the trade becomes invalid
on the DAILY candles we are at a range as no daily candle has closed above 1506
TRADE WAR uncertainty is still a factor as no deal has been put on paper
