Dimitrysdesk

Rising wedge on ETHUSD scalp

Short
BITMEX:ETHUSD   ETHUSD Perpetual Futures Contract
As you can see rising wedge is a way to identify consolidation, which is the visual representation of indecision. We also know that this indecision often occurs after a sharp , extended move up or down. However, the real benefit of these patterns is not so much the consolidation itself, but rather the price action that follows.

When this happens, we can essentially treat it similar to the Forex breakout strategy. This means that we’re watching for a break of support or resistance with the intent of trading in the direction of the break.

Trade:
ETHUSD
Short entry: 391-393
Stop (invalidation): 397
Profit target: 370
Risk/Reward: 4:1

Disclaimer: Leveraged trading in cryptocurrency on margin carries significant risk and may not be suitable for all investors. Be advised, you should carefully consider whether trading is appropriate for you based on your personal circumstances. Trading involves risk. None of the information presented here should be interpreted as financial, trading or any other advice.

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