A falling wedge is formed by two converging trend lines when the stock’s prices have been falling for a certain period.
Before the line converges the buyers come into the market and as the result, the decline in prices begins to lose its momentum.
This results in the breaking of the prices from the upper trend line.
As shown on the chart of #ADA, we have a great falling wedge pattern forming.
How I like to trade it:
Falling Wedge has a 73% probability of breaking and continuing to the upside.
I like to start buying as the Price continues around the bottom of the Wedge. As in the chart, i have orders in for $2.00, $1.85 and even $1.73.
I'm an aggressive trader so I like to enter before the Pattern is confirmed. For traders who like to have confirmation, the best entries are:
Entry: $2.20 - $2.30 (The break of the Wedge)
Targets: I always like to take profits at 50% Target 1 and the rest at the measured move Target 2.
Target 1: $2.60
Target 2: $2.95
StopLoss: $1.80 will be below the Wedge once price breaks Upwards.
Happy trading.
Please support our work with like and comments.
#ADA #CARDANO #CRYPTO #CHARTPATTERN
Before the line converges the buyers come into the market and as the result, the decline in prices begins to lose its momentum.
This results in the breaking of the prices from the upper trend line.
As shown on the chart of #ADA, we have a great falling wedge pattern forming.
How I like to trade it:
Falling Wedge has a 73% probability of breaking and continuing to the upside.
I like to start buying as the Price continues around the bottom of the Wedge. As in the chart, i have orders in for $2.00, $1.85 and even $1.73.
I'm an aggressive trader so I like to enter before the Pattern is confirmed. For traders who like to have confirmation, the best entries are:
Entry: $2.20 - $2.30 (The break of the Wedge)
Targets: I always like to take profits at 50% Target 1 and the rest at the measured move Target 2.
Target 1: $2.60
Target 2: $2.95
StopLoss: $1.80 will be below the Wedge once price breaks Upwards.
Happy trading.
Please support our work with like and comments.
#ADA #CARDANO #CRYPTO #CHARTPATTERN
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