Possible Falling Wedge On LEO-PERP Futures 4HR
We seem to be forming a solid falling wedge on the 4HR chart for LEO futures on FTX.
This one is quite volatile , so we want to wait for full confirmation before entering, however we can start a basic trade plan now.
We start by measuring the height of the pattern and multiplying by our chances of reaching our target (0.62 or ~62%),
this gives us our expected move from breakpoint.
Entry: AFTER we fully close above the pattern , and preferably after one full bar has opened AND closed beyond the pattern for full confirmation.
TP: Approximately 0.0617 away from break point.
SL: Previous swing low, currently at 1.1599, but HIGHLY likely to change before pattern breakout.
I will update this one as it plays out.
Pattern information: thepatternsite.com/fallwedge.html
This one is quite volatile , so we want to wait for full confirmation before entering, however we can start a basic trade plan now.
We start by measuring the height of the pattern and multiplying by our chances of reaching our target (0.62 or ~62%),
this gives us our expected move from breakpoint.
Entry: AFTER we fully close above the pattern , and preferably after one full bar has opened AND closed beyond the pattern for full confirmation.
TP: Approximately 0.0617 away from break point.
SL: Previous swing low, currently at 1.1599, but HIGHLY likely to change before pattern breakout.
I will update this one as it plays out.
Pattern information: thepatternsite.com/fallwedge.html
Trade closed: target reached:
I personally missed entry on this one as I expected one last fall, but target achieved regardless.