Dear Trader,
As we can see on the chart, a falling wedge pattern seems to be forming within the triangle. For now, we need to wait for a break out to enter a position. When I say a breakout, this include a retest of the resistance or support. Here are the two different scenarios that could play out as well as my take profit target
Bullish breakout:
In a falling wedge, the theoretical target is the top of the wedge, but I would personally take profit a bit lower than 40'000 USD as shown on the blue horizontal line
Bearish breakout:
In case of break to the downside, my target would be around 35500 as it acted as support and resistance before as shown by the blue horizontal line
My personal thoughts on this pattern would be a breakdown to the downside as today the DXY seeems to be bouncing nicely. Furthermore, I believe we are due for a bigger correction than what we had earliers this week. Please share your thoughts and comments. Keep in mind, I am new here so any like would be much appreciated and give me more rep !
I will of course update this trade based on the future price action
Thanks for reading.
As we can see on the chart, a falling wedge pattern seems to be forming within the triangle. For now, we need to wait for a break out to enter a position. When I say a breakout, this include a retest of the resistance or support. Here are the two different scenarios that could play out as well as my take profit target
Bullish breakout:
In a falling wedge, the theoretical target is the top of the wedge, but I would personally take profit a bit lower than 40'000 USD as shown on the blue horizontal line
Bearish breakout:
In case of break to the downside, my target would be around 35500 as it acted as support and resistance before as shown by the blue horizontal line
My personal thoughts on this pattern would be a breakdown to the downside as today the DXY seeems to be bouncing nicely. Furthermore, I believe we are due for a bigger correction than what we had earliers this week. Please share your thoughts and comments. Keep in mind, I am new here so any like would be much appreciated and give me more rep !
I will of course update this trade based on the future price action
Thanks for reading.
Comment:
My apologies guys, in the hurry, I did not place correctly my take profit horizontale line in case of a bearish breakout. It should be around 35500 and not 36600 as shown on the chart. Since I am new, I am not sure how to change the chart ! Thanks for your understanding.
Comment:
The break out the downsid of falling wedge is confirmed in 5 minutes timeframe, the next 5 min timeframe went for a retest and was rejected.
The first 15 Min candle closed below the support too. I am now expecting a retest of the support of the wedge in this 15 min candle. I will very likely enter a short position if it gets rejected.
The first 15 Min candle closed below the support too. I am now expecting a retest of the support of the wedge in this 15 min candle. I will very likely enter a short position if it gets rejected.
Comment:
The break down is now confirmd in 15 min - 30 min and 1 hour timeframe. As a result, I entered a short position and added another take profit inbetween in case the triangle serves as a support.
Entry price : 37056
Leverage : 10x
Stop loss : 37522 (1.25%) so potential loss of 12.5%
Take profit 1 : 36220 for half of my position (2.26% --> 22.6% with my leverage)
Take profit 2 : 35612 for the other half (3.9% --> 39% with my levrage)
Average profit if my two take profits are reached = 30.8%
Ratio: 2.44
Let's see how this plays out ! Any comment are of course welcome !
Entry price : 37056
Leverage : 10x
Stop loss : 37522 (1.25%) so potential loss of 12.5%
Take profit 1 : 36220 for half of my position (2.26% --> 22.6% with my leverage)
Take profit 2 : 35612 for the other half (3.9% --> 39% with my levrage)
Average profit if my two take profits are reached = 30.8%
Ratio: 2.44
Let's see how this plays out ! Any comment are of course welcome !
Comment:
That was quick !
Take profit 1 : Touched !
Stop loss: Moving it to my entry point in case we bounce from that triangle support !
Take profit 1 : Touched !
Stop loss: Moving it to my entry point in case we bounce from that triangle support !
Comment:
Take profit number 2 was just hit !
30.8% profit on average for this trade !
My two first trade posted publicly on trading view gave me 50% and 30.8%, good trading day
Thanks for reading, please like, comments and follow me !
30.8% profit on average for this trade !
My two first trade posted publicly on trading view gave me 50% and 30.8%, good trading day
Thanks for reading, please like, comments and follow me !