Trading Wedges - Quick Guide in 5 Steps

Welcome back everyone to another guide, today we will speed run "Trading wedges" in a quick 5 step guide. Be sure to like, follow and join the community!

1) Identify the wedges:
- Falling Wedge
- Rising Wedge
- Symmetrical Wedge (Triangle)



2) Identify Breakout Direction:
- Falling Wedge > Bullish Breakout Expected
- Rising Wedge > Bearish Breakout Expected
- Symmetrical Wedge (Triangle) > Consolidation Expected
Breakout should show a candle closing outside the wedge.



3) Wait for retest to take place on previous key level or resistance (which would now be support)
If the retest holds with a strong rejection candle or consolidation - begin to long.



4) Enter Trade:
Enter on successful retest confirmation
SL for longs should be below previous low's
SL for shorts should be above previous highs.



5) TP levels:
TP 1) First high target
TP 2) Second high target
TP 3) Third high target.



RESULTS:
Price has soared up high and hit all three Take profits.


For trader who are wanting more profits you can potentially enable TP trailing afterwards - however I don't recommend this as you need to factor in your emotions of "GREED"



Thank you all so much for reading! Hopefully this is a useful guide in the future or present! If you would like me to make any simplified guides, let me know in the comments below or contact me through trading view!