Falling wedge formation with divergence showing on RSI (oscillator is moving upward as price downward trends). Two options here. Buy the bounce off the dip and set stop-loss to break even or wait for break out and ride the wave. Down trend could continue further so always trade with caution.
-Important to remember we are in overall downtrend and that the wedge is showing on these small time frames. Not expecting a full trend reversal. For this price target is set no higher than the beginning of the pattern for me.
-the further this wedge sinks the better returns though downtrend view will not change for me.
-Important to remember we are in overall downtrend and that the wedge is showing on these small time frames. Not expecting a full trend reversal. For this price target is set no higher than the beginning of the pattern for me.
-the further this wedge sinks the better returns though downtrend view will not change for me.
Comment:
Hitting resistance. Perfectly drawn wedge by yours truly. Looking to break still though RSI has not yet convincingly crossed 55-60 to give bulls that slight confidence. Still easy 1-3%.
Order cancelled:
closed this for now after that lower low