morshedul.sazid
Long

FALLING WEDGE PATTERN TARGETS

FX:EURUSD   Euro Fx/U.S. Dollar
1895 11 51
Okay guys! We see a falling wedge with decreasing volume and obviously a breakout is expected followed by a close above the trend line . I have clone targets from the open face of the wedge and also the target to that price where we have seen the first divergence.
Its my target only if this trend line breaks.
Thanks.
Trade closed: target reached
bhai eita ki hoilo? 400 pips gain!
+1 Reply
morshedul.sazid SaifurRahman
Ami 90% sure chilam! :)
Reply
Yeah you posted this one yesterday, nice chart - compelling. Looks like a good medium term trade but hard to pick it in the short term especially over this long weekend in the US!
+1 Reply
Thanks! Lets see what Eu brings
+1 Reply
cns PRO morshedul.sazid
After another downside failure again today...things starting to look more and more up. :)
+1 Reply
Yes surely it does! :) we need to wait for the next week.
+1 Reply
If you do not mind me asking for my own education, why is this likely to break to the upside rather than the down?
+1 Reply
cns PRO Hoofus
Nobody else has replied so ... Statistically the falling wedge has shown itself to be a reversal pattern in a down trend. The battle tightens between the buyers and sellers while the prior trend continues, but volume runs out in the sellers eventually leading to a break to the upside.
+1 Reply
Well, for the falling wedge to be valid, It needs a a close above it. Its a IF=THEN theory. If it breaks then it has a potential to fill my targets.
Thanks
+1 Reply
You just now realized this is a failing wedge? You a few weeks late, rofl.
+1 Reply
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