ETHUSD, wedge pattern is forming after significant drop in price
Hi guys, I love trading wedges and another one is forming in ETHUSDT chart. So conditions for this set up will remain the same as in my previous posts. What I am looking for is for the wedge resistance or support line to get broken before entering. If resistance is broken first, I will assume that it is a fake breakout and I would like for the green candle to close above resistance (or very close to it), and enter the trade after first red candle forms. If support is broken first, then I will initiate short bets when red candle closes bellow it. So, as soon as one of my conditions are met, I will buy some red candle options (max 10) . My rules are the same as before:
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Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
If you have questions about candle color options or wish to discuss trading strategies in real time, join - candle color options - chat, right here on tradingview.
Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
Trade active:
First red candle formed after break through resistance line. I will start my trading session according to the rules outlined in my post.
First red candle formed after break through resistance line. I will start my trading session according to the rules outlined in my post.
Trade closed: stop reached:
Price started to move sideways, so will abandon this session according to my rules.
Price started to move sideways, so will abandon this session according to my rules.
Green candle crossed and closed near resistance line, so now I will wait for the first red candle and then start placing trades that most of the next 10 candles will be red.