Falling wedge, plus Bullish divergence. Possible breakout.
Possible good entries:
- Pennant breakout
- Pennant support
- Trend support
Target 1 - Red square
Target 2 - 2700 - 2720 range/25.05.2017 ATH reference
Mystery purple line - no idea if it will carry any sort of effect.
References:
www.babypips.com/learn/forex/wedges
www.investopedia.com...y/charts/charts7.asp
en.wikipedia.org/wiki/Wedge_pattern
THIS IS NOT A TRADING GUIDE. IF YOU TRADE BASED ON THIS CHART, GOOD LUCK!! I TAKE NO RESPONSIBILITY!!! THE OUTCOME IS ENTIRELY ON YOU!!!
Possible good entries:
- Pennant breakout
- Pennant support
- Trend support
Target 1 - Red square
Target 2 - 2700 - 2720 range/25.05.2017 ATH reference
Mystery purple line - no idea if it will carry any sort of effect.
References:
www.babypips.com/learn/forex/wedges
www.investopedia.com...y/charts/charts7.asp
en.wikipedia.org/wiki/Wedge_pattern
THIS IS NOT A TRADING GUIDE. IF YOU TRADE BASED ON THIS CHART, GOOD LUCK!! I TAKE NO RESPONSIBILITY!!! THE OUTCOME IS ENTIRELY ON YOU!!!
Comment:
wrote "pennant" instead of "wedge" in description targets....
Trade active:
15min Chart
Horizontal resistance here, but the next candle is already forming outside of the wedge, plus MACD crossing up giving a buy signal.
Horizontal resistance here, but the next candle is already forming outside of the wedge, plus MACD crossing up giving a buy signal.
Trade active:
15min Chart
Mystery line is resistance. However, I don't think it is/was a sell. 2520-2550 should be support, although 2520 might be tricky due to price bouncing quite a bit there earlier. Buying inside the green rectangle, but not adding to my long.
Mystery line is resistance. However, I don't think it is/was a sell. 2520-2550 should be support, although 2520 might be tricky due to price bouncing quite a bit there earlier. Buying inside the green rectangle, but not adding to my long.
Comment:
Also, setting a stop at break even now.
Comment:
Nevermind. Will wait for higher price before moving stop higher.
Trade active:
1hour Chart
1st target reached. Leaving rest of the position open to keep profits coming. Now I'm setting my stop in profit zone. Will close after a convincing top, or if the stop is reached.
1st target reached. Leaving rest of the position open to keep profits coming. Now I'm setting my stop in profit zone. Will close after a convincing top, or if the stop is reached.
Comment:
1hour Chart
Buying in that green box if we revisit. But who knows, this might break resistance before everyone expects it.
Buying in that green box if we revisit. But who knows, this might break resistance before everyone expects it.
Comment:
Also note last chart. Adjusted trend resistance so to include every wick from before the drop to the wedge. That would've given me a more accurate timing to sell at TP1.
Comment:
lol
lol
Comment:
15min Chart
Bear divergence. But we know divergence can take a while to take effect. Maybe one more top, maybe this was the top. Temporarily speaking. I would be surprised if we don't see a new ATH in the following 1-2 weeks.
Bear divergence. But we know divergence can take a while to take effect. Maybe one more top, maybe this was the top. Temporarily speaking. I would be surprised if we don't see a new ATH in the following 1-2 weeks.
Trade closed: target reached:
Updating as "Close" because both targets were reached. However in reality I still have some of my position open. Took profit on the first target, but I think there's a high chance of seeing new ATH in August.
Comment:
August barely starting. New ATH is here.
