The 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
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
Trade active:
The breakout happened, but as expected it went right back in the wedge.
The entry level is reached so we are in now, I would not be surprised if it going to test this resistance heavily since the support needed a test also.
The entry level is reached so we are in now, I would not be surprised if it going to test this resistance heavily since the support needed a test also.
Trade closed: stop reached:
We have learned a lot from this trade although it did not work out:
About this and previous trade I was wondering about how long to keep a position open after the moment the action should have happened, I've discussed this subject and for the future trades we will put our stoploss at entry after the first action happened.
This way of trading would have protected our capital on this trade even if like in this trade the wedge don't work out.
Don't see these trades as a loss, we payed a little for a very good lesson.
Thanks for following
Wesley
About this and previous trade I was wondering about how long to keep a position open after the moment the action should have happened, I've discussed this subject and for the future trades we will put our stoploss at entry after the first action happened.
This way of trading would have protected our capital on this trade even if like in this trade the wedge don't work out.
Don't see these trades as a loss, we payed a little for a very good lesson.
Thanks for following
Wesley
I still don’t believe now is the moment for the real breakout.
That indecision candle on the 2 hr timeframe in combination with this relatively low volume looks to confirm my thoughts.