BNB USDT Binance Coin Bullish Failing Wedge
Binance Coin (BNB) started forming a bullish failing wedge around June and it appears likely to exit soon according to the Elliot Waves I drew below.
The last two ideas I had regarding a failing wedge for ETH and XMR both went very well. As you can see on these two previous ideas below, you have to wait for it to breakout above the failing wedge and then come back to revisit the top of the failing wedge before entering. The ideal entry is on the top line of the failing wedge and you'll want to keep the stop loss 3-5% or so below the top line. Again, this is important, do not enter the trade until the retest happens. You can see the two failing wedge breakouts below had retests.
XMR Failing Wedge Results:
ETH Failing Wedge Results:
And as a bonus, you can see how my other BNB trades went in the past:
The last two ideas I had regarding a failing wedge for ETH and XMR both went very well. As you can see on these two previous ideas below, you have to wait for it to breakout above the failing wedge and then come back to revisit the top of the failing wedge before entering. The ideal entry is on the top line of the failing wedge and you'll want to keep the stop loss 3-5% or so below the top line. Again, this is important, do not enter the trade until the retest happens. You can see the two failing wedge breakouts below had retests.
XMR Failing Wedge Results:
And as a bonus, you can see how my other BNB trades went in the past:
Comment:
Currently at the apex of an ascending triangle. Should see a break to the upside soon. Wait for a break then a retest for entry. Set a close stop.
Trade closed manually:
Exited around $10.46 when BNB failed to surpass local high.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.